Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Technical Analysis: Eyeing Monthly Lows Anew

AUD/USD Technical Analysis: Eyeing Monthly Lows Anew

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support:0.8031, 0.7959, 0.7855
  • Resistance:0.8087, 0.8166, 0.8239

The Australian Dollar has slumped back toward monthly lows against its US counterpart after issuing the largest daily decline in three weeks. A daily close below the January 7 low at 0.8031 exposes the 38.2% Fibonacci expansion at 0.7959. Alternatively, a reversal above the 23.6% level at 0.8087 clears the way for a challenge of the 14.6% Fib at 0.8166.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

NOTE: FXCM Inc, Parent Company of DailyFX, will raise margin requirements given volatility risk

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES