Skip to Content
News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
AUD/USD Technical Analysis: Trend-Defining Barrier Ahead

AUD/USD Technical Analysis: Trend-Defining Barrier Ahead

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Australian Dollar recovery continues as prices extend to one-month high
  • Looking for signs of topping at critical resistance to enter short position

The Australian Dollar continues to press upward against its US namesake, with prices rising to the highest level in a month. The pair is now testing critical trend line resistance capping gains since early December and defining the Aussie’s near-term down trend.

A daily close above the 76.4% Fibonacci retracement at 0.7254 paves the way for a test of the December 31 swing high at 0.7327. Alternatively, a reversal below the 61.8% Fib at 0.7172 opens the door for a challenge of the 50% retracement at 0.7106.

Our 2016 fundamental outlook calls for the dominant multi-year AUD/USD down trend to continue. With that in mind, we will monitor prices’ behavior for signs signaling that the corrective upswing has run its course and position to enter short once an actionable opportunity presents itself.

Losing money trading the Australian Dollar? This might be why.

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

DISCLOSURES