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AUD/USD Technical Analysis: Partial Profit Booked on Short

AUD/USD Technical Analysis: Partial Profit Booked on Short

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7090
  • Aussie Dollar Makes Good on Chart Support Break, Drops to 2-Week Low
  • First Target Hit on Short Trade, Half of Profit Booked and Stop-Loss Trailed

The Australian Dollar declined against its US counterpart as expected, falling to the weakest level in two weeks. The pair stalled near the 0.72 figure almost immediately after a would-be upside breakout last week and signaled down trend resumption after piercing support beneath the 0.71 mark.

From here, a daily close below the 23.6% Fibonacci expansion at 0.6983 opens the door for a test of the September 4 low at 0.6907. Alternatively, a move back above support-turned-resistance at 0.7096 – the 14.6% Fib – clears the way for a challenge of the 23.6% Fib retracement at 0.7204.

We entered short AUDUSD at 0.7090 and have since booked profit on half of the position. The remainder of the trade will remain open to capture any further downside momentum. The stop-loss has been trailed to the breakeven level.

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