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AUD/USD Technical Analysis: Waiting to Re-Enter Short Trade

AUD/USD Technical Analysis: Waiting to Re-Enter Short Trade

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Short Position Triggers Stop-Loss as Prices Reclaim Foothold Above 0.72 Figure
  • Waiting to Re-Enter Short in line with Long-Term Down Trend After Bounce Fizzles

The Australian Dollar returned to the offensive against its US counterpart, with prices rebounding to reclaim a foothold above the 0.72 figure. The move higher comes after the pair found support at a rising trend line that has capped losses and guided the Aussie higher since early September.

A daily close below 0.7089, the intersection of aforementioned trend line support and the 23.6% Fibonacci expansion, opens the door for a test of the 38.2% level at 0.6906. Alternatively, a reversal above the 23.6% Fib retracement at 0.7204 paves the way for a challenge of a horizontal pivot at 0.7283.

Our entry order to short AUDUSD at 0.7165 was triggeredlate last week but the trade has now stopped out on a daily close above 0.7204. The dominant long-term trend continues to favor the downside however. With that in mind, we will stand aside for now and wait for the upswing to yield another selling opportunity.

Losing Money Trading Forex? This Might Be Why.

AUD/USD Technical Analysis: Waiting to Re-Enter Short Trade

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

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