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AUD/USD Technical Analysis: 3-Month Trend Line Broken

AUD/USD Technical Analysis: 3-Month Trend Line Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7379, 0.7323, 0.7259
  • Resistance:0.7468, 0.7541, 0.7614

The Australian Dollar moved higher against its US counterpart as expected, breaking resistance capping gains since mid-May. Near-term resistance is at 0.7468, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 0.7541. Alternatively, a move below the 23.6% Fib at 0.7379 opens the door for a test of the 14.6% retracement at 0.7323.

The dominant AUD/USD trend continues to favor the downside. With that in mind, we will treat any on-coming gains as corrective and look to an upswing as an opportunity to enter short. In the meantime, we will remain on the sidelines.

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

AUD/USD Technical Analysis: 3-Month Trend Line Broken

--- 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.

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