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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
AUD/USD Technical Analysis: Aussie Scores Best Run in 4 Years

AUD/USD Technical Analysis: Aussie Scores Best Run in 4 Years

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar puts in best five-day winning streak in five years vs. USD
  • Gains seen as corrective but actionable short trade setup absent for now

The Australian Dollar has put in the best five-day winning streak in over four years last week, clearing double top resistance and establishing a foothold above the 0.74 figure. The currency found fuel in a steady stream of upbeat news-flow last week, beginning with a supportive RBA announcement and continuing to a strong set of four-quarter GDP figures.

Near-term resistance is at 0.7439, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a test of the 100% level at 0.7541. Alternatively, a reversal below the 61.8% Fib at 0.7376 paves the way for a test of the 50% expansion at 0.7325.

We expect the long-term AUD/USD down trend to resume in line with our 2016 fundamental forecast, making current gains appear corrective. An actionable bearish reversal signal is absent however, arguing against pulling the trigger on a short trade. We will remain flat for now, waiting for a more compelling opportunity to present itself.

Are most FXCM traders buying or selling AUD/USD? Find out here !

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