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AUD/USD Technical Analysis: Short Position Remains in Play

AUD/USD Technical Analysis: Short Position Remains in Play

Ilya Spivak,

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Talking Points:

The Australian Dollar is attempting to launch a recovery against its US namesakehaving found support below the 0.70 figure. Buyers are attempting to retake the upper hand after prices fell short of reaching September lows on the latest downswing after being rejected from resistance near the 0.72 mark.

Near-term resistance is at 0.7096, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a test of the 23.6% Fib retracement at 0.7204. Alternatively, a move below the 0.6944-83 area marked by a rising trend line connecting recent swing lows and the 23.6% expansion clears the way for a challenge of the 38.2% level at 0.6800.

We sold AUDUSD at 0.7090 and subsequently booked profit on half of the position. The rest of the positioncontinues to be open to take advantage ofa renewed push to the downside. The stop-loss has been adjusted to the breakeven level (0.7090).

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