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AUD/USD Technical Analysis: Trying to Secure Breach of 0.72

AUD/USD Technical Analysis: Trying to Secure Breach of 0.72

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Prices Try to Secure Hold Above 0.72 Figure, Confirmation Absent for Now
  • Upswing Exhaustion to Yield Short Trade Signal in Line With Long-Trend

The Australian Dollar is trying to extend its recovery against its US namesake having briefly stalled near the 0.72 figure following a breach of four-month trend line resistance. Prices advanced as expected following the appearance of a bullish Morning Star candlestick pattern.

A daily close above the 23.6% Fibonacci retracement at 0.7204 opens the door for a challenge of the 38.2% level at 0.7535. Alternatively, a move back below 0.7091 – the intersection of the 14.6% Fib and trend line support-turned-resistance – clears the way for a descent back to the September 4 low at 0.6907.

Taking a trade on either the long or short side looks unappealing for now. Prices have not yet confirmed a break of immediate resistance above the 0.72 figure and may yet reverse. Indeed, the preceding session marked just such an instance. Furthermore, the dominant long-term trend continues to point downward, painting the current move higher as a corrective upswing to sell into once signs of bullish exhaustion begin to emerge. We will remain on the sidelines in the meantime.

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