AUD/USD Technical Analysis: Short Trade Triggered Sub-0.73
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- AUD/USD Technical Strategy: Short at 0.7290
- Aussie Dollar Falters on Another Attempted Run to 0.73 Figure vs. US Dollar
- Short Position Triggered, Aiming for an Initial Move to Test Below 0.72 Mark
The Australian Dollar was rejected downward after another run toward the 0.73 figure against its US namesake following the release of minutes from October’s RBA policy meeting. A bearish Evening Star candlestick continues to argue in favor of a decline ahead.
From here, a daily close below the 14.6% Fibonacci expansionat 0.7199 clears the way for a test of the 23.6% level at 0.7086. Alternatively, a push above the 38.2% Fib retracement at 0.7387 opens the door for a challenge of the 50% threshold at 0.7535.
Our pending entry order to short AUDUSD at 0.7290 has been activated. The trade is aiming for an initial objective of 0.7199. A stop-loss will be executed on a daily close above the October 12 high at 0.7381. We will take half on half of the position and move the stop-loss to the breakeven level once the first target is reached.
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