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AUD/USD Technical Analysis: Waiting for Selling Opportunity

AUD/USD Technical Analysis: Waiting for Selling Opportunity

Ilya Spivak,

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Talking Points:

The Australian Dollar is attempting to extend the recovery against its US namesake after finding a bottom below the 0.68 figure. The currency probed up to the highest level in three months after fourth-quarter inflation figures registered above economists’ expectations.

From here, a daily close above the 38.2% Fibonacci retracement at 0.7018 opens the door for a challenge of the 50% level at 0.7077. Alternatively, a reversal below the 23.6% Fib at 0.6945 paves the way for a test of the 14.6% level at 0.6900.

The dominant AUD/USD trend favors a bearish bias but an actionable trade setup is absent for the time being. Furthermore, the upcoming FOMC rate decision represents critical event risk that may materially alter technical positioning. With that in mind, we will remain and wait for a more compelling opportunity to present itself.

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