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.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
AUD/USD Technical Analysis: Down Trend Resuming?

AUD/USD Technical Analysis: Down Trend Resuming?

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7715, 0.7632, 0.7566
  • Resistance:0.7766, 0.7818, 0.7880

The Australian Dollar may be readying to turn lower against its US counterpart after prices put in a bearish Three Inside Down candlestick pattern. A daily close below 23.6% Fibonacci expansion at 0.7715 exposes the 38.2% level at 0.7632. Alternatively, a reversal above the 14.6% Fib at 0.7766 clears the way for a test of the 0.7813-18 area (38.2% Fib retracement, June 3 high).

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!

--- 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