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: Exiting Short Aussie Position

AUD/USD Technical Analysis: Exiting Short Aussie Position

Ilya Spivak,

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Morning Star Candlestick Pattern, Trend Line Break Hints at Upswing Ahead
  • Profit Booked on Short Trade from 0.7214, Waiting for Another Short Entry

The Australian Dollar may be carving out a bottom against its US counterpart after prices put in a bullish Morning Star candlestick pattern. The pair found support above the 0.69 figure afterrecoiling from trend line resistance capping gains since mid-May.

Near-term resistance is at 0.7033, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis opening the door for a challenge of the 38.2% level at 0.7110. Alternatively, a turn back below the 14.6% Fib at 0.6985 clears the way for a test of the September 4 low at 0.6907.

We entered short AUDUSD at 0.7214 and have since booked profit on half of the trade. Emerging signs of bottoming and the break of near-term trend resistance warns of a larger upswing ahead. With that in mind, we will exit the remainder of the position and wait for another opportunity to re-enter short.

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.