We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.95%, while traders in US 500 are at opposite extremes with 77.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zBAeVA9GKV
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.28% Gold: 0.00% Oil - US Crude: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GkOHR7JE71
  • S&P 500 rising from support, chart pattern revealing itself while #Dow Jones new high brings into play ‘RST’ pattern. Get your equities technical analysis from @PaulRobinsonFX here: https://t.co/Rb5mMrOqkm https://t.co/kA8zeYlpnM
  • #S&P 500 rising from support, chart pattern revealing itself while #Dow Jones new high brings into play ‘RST’ pattern. Get your equities technical analysis from @PaulRobinsonFX here: https://t.co/Rb5mMrOqkm https://t.co/hpPegahqln
  • RT @WallStJesus: * CHATTER (UNCONFIRMED) -- traders citing FBN as citing a trade source suggesting the December 15th tariffs as gong ahead…
  • RT @economics: U.S. manufacturers expect to reduce capital spending in 2020, which would be the first annual decline in 11 years https://t.…
  • $BTCUSD is down over 3.0% from this morning's high https://t.co/UcmXUNsjes
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.20% 🇨🇦CAD: 0.13% 🇬🇧GBP: 0.12% 🇯🇵JPY: -0.03% 🇦🇺AUD: -0.18% 🇳🇿NZD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cuTpe7Glmx
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.05% US 500: -0.08% France 40: -0.08% Wall Street: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5Bwk0J689x
  • US #oil is up to retest the $59.00 psychological level that has been in play for the past week https://t.co/jDv5lpEcp1
AUD/USD Technical Analysis: Looking to Sell Near 0.71

AUD/USD Technical Analysis: Looking to Sell Near 0.71

2016-02-02 23:48:00
Ilya Spivak, Sr. Currency Strategist
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Technical Strategy: Pending short at 0.7097
  • Australian Dollar drops most in 3 weeks, hints bearish trend is resuming
  • Looking for corrective bounce to get short just above 0.71 vs. US Dollar

The Australian Dollar turned sharply lower against its US namesake, putting in the largest daily decline in three weeks. Positioning suggests the longer-term down trend may be resuming after the currency pair recovered to a monthly high having found support above the 0.68 figure.

From here, a daily close below the 23.6% Fibonacci expansion at 0.7009 opens the door for a challenge of the 38.2% level at 0.6928. Alternatively, a reversal above the 50% Fib retracement at 0.7106 paves the way for a test of the 61.8% threshold at 0.7172.

Prices are too close to near-term support to justify entering short from a risk/reward perspective. With that in mind, we will establish an entry order to sell the pair at 0.7097 in line with our 2016 fundamental forecast. If triggered, the trade will initially aim for 0.7009 and carry a stop-loss activated on a daily close above 0.7141.

How are FXCM traders positioned in AUD/USD? Find out here.

AUD/USD Technical Analysis: Looking to Sell Near 0.71

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

DISCLOSURES

News & Analysis at your fingertips.