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AUD/USD Technical Analysis: Support Now Below 0.69 Figure

AUD/USD Technical Analysis: Support Now Below 0.69 Figure

Ilya Spivak,

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Talking Points:

The Australian Dollar made another strong push to the downside against its US namesakeafter a brief consolidative period. The pair issued the largest drop in two weeks, slumping to the lowest level in six months.

The next layer of support is now at 0.6880, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.6748. Alternatively, a move back above support-turned-resistance at 0.6987, the 50% Fib, opens the door for a test of the 38.2% expansion at 0.7093.

We sold AUDUSD at 0.7214 and have since booked profit on half of the trade as well as moved the stop-loss to the breakeven level. The remainder of the trade will remain in play to capture any further downward momentum ahead.

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