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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
AUD/USD Technical Analysis: Short Trade Now in Play

AUD/USD Technical Analysis: Short Trade Now in Play

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7214
  • Australian Dollar Drops Most in 4 Years, Breaks Range Floor
  • Short Trade Triggered Aiming for Support Below 0.71 Figure

The Australian Dollar came back under pressure, putting in the largest daily decline in nearly four years against its US counterpart. The typically sentiment-geared currency had been slow to react as risk aversion began to sweep the financial markets but a belated response appears to be underway as broad-based turmoil bleeds into RBA policy bets.

A break of long-stubborn range support above the 0.72 figure has exposed the 38.2% Fibonacci expansion at 0.7084 as the next downside barrier of significance. A daily close beneath that opens the door for a test of the 50% level at 0.6974. The 23.6% Fib at 0.7219 has been recast as near-term resistance, with a reversal back above that putting the 14.6% expansion at 0.7303 in focus once again.

We will now enter short, initially targeting 0.7084. A stop-loss will be activated on a daily close above 0.7303. We will take profit on half of the position and move the stop to the breakeven level once the first objective has been reached.

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

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