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: Breakout Intact After Pullback

AUD/USD Technical Analysis: Breakout Intact After Pullback

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: 0.7857, 0.7706, 0.7559
  • Resistance:0.8058, 0.8221, 0.8384

The Australian Dollar corrected lower against its US counterpart after launching a reversal as expected. A daily close above the 38.2% Fibonacci retracement at 0.8059 exposes the 50% level at 0.8221.Alternatively, a turn below the 0.7857-0.7900 area (range top resistance-turned-support, 23.6% Fib) clears the way for a challenge of the 0.7706-33 zone (range mid-line, 14.6% retracement).

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

AUD/USD Technical Analysis: Breakout Intact After Pullback

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