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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:

  • AUD/USD Technical Strategy: Flat
  • Rally After Jobs Data Reversed as Australian Dollar Slumps to 3-Week Low vs. USD
  • Half of Profit Booked on Aussie Short Position After Prices Hit First Profit Target

The Australian Dollar faced renewed selling pressure against its US namesake, erasing the upward surge following the release of November’s employment data. The pair now poised to challenge rising trend line support set from early September.

Near-term support is at 0.7089, the intersection of the aforementioned trend line and the 23.6% Fibonacci expansion. A daily close below this barrier opens the door for a test of the 38.2% level at 0.6906. Alternatively, a reversal above support-turned-resistance at 0.7283 clears the way for another challenge of the 38.2% Fib retracement at 0.7387.

Our short AUD/USD entry order at 0.7250 was triggered following the jobs report and the subsequent pullback brought the pair to the initial target of 0.7184. We have now taken profit on half of the position and moved the stop-loss to the breakeven level on the remainder of exposure, leaving it in play to capture any further weakness.

Losing Money Trading Forex? This Might Be Why.

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