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AUD/USD Technical Analysis: Partial Profit Booked on Short

AUD/USD Technical Analysis: Partial Profit Booked on Short

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Talking Points:

The Australian Dollar probed below the 0.72 figure against its US counterpart after turning lower as expected following the appearance of a bearish Evening Star candlestick pattern.Sellers have fallen short of securing a confirmed breach of near-term chart support however.

A daily close below 0.7199, the 14.6% Fibonacci expansion opens the door for a challenge of the next downside barrier in the 0.7047-86 area, marked by a rising trend line and the 23.6% level. Resistance remains at 0.7387, the 38.2% Fib retracement. A rebound above that clears the way for a test of the 50% threshold at 0.7535.

We entered short AUD/USD at 0.7290. Prices have now met our initial objective and we have taken profit on half of the position. The rest of the trade will remain open to capture any further downside momentum. The stop-loss has been adjusted to the breakeven level.

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