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: Aussie Drops to 6-Year Low

AUD/USD Technical Analysis: Aussie Drops to 6-Year Low

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: 0.7251, 0.7129, 0.7031
  • Resistance:0.7326, 0.7448, 0.7508

The Australian Dollar resumed the down trend against itsUS counterpart, dropping to the lowest level in over six years. Near-term support is at 0.7251, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.7129. Alternatively, a move above the 14.6% Fib at 0.7326 opens the door for a challenge of the July 21 high at 0.7448.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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

AUD/USD Technical Analysis: Aussie Drops to 6-Year Low

--- 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