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AUD/USD Technical Analysis: Aussie Rallies Most in a Month

AUD/USD Technical Analysis: Aussie Rallies Most in a Month

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Australian Dollar issues largest daily advance in a month, exposes 0.73
  • Waiting for another selling opportunity after stop triggers on short trade

The Australian Dollar issued its largest daily advance in a month against its US namesake after upbeat GDP data reinforced an optimistic RBA policy announcement. Prices have now overtaken February’s swing high, paving the way for a move above the 0.73 figure.

From here, a daily close above the 50% Fibonacci expansion at 0.7325 opens the door for a challenge of the 0.7376-82 area, marked by the 61.8% level and the October 12 high. Alternatively, a reversal below the 38.2% Fib at 0.7274 sees the next downside barrier at 0.7211, the 23.6% expansion.

Our short position from 0.7233 was stopped out after prices closed above 0.7259. The dominant long-term trend still appears to be bearish however. With that in mind, we will move to the sidelines for now and wait for another selling opportunity in line with our 2016 fundamental forecast.

Is the Aussie Dollar trend matching FXCM traders’ positioning? Find out here !

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