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: Looking to Sell as FOMC Looms

AUD/USD Technical Analysis: Looking to Sell as FOMC Looms

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar moves to test key support-turned-resistance below 0.76 figure
  • Looking for selling opportunity in line with long-term trend, FOMC in focus

The Australian Dollar spiked to the highest level in eight months against its US namesake, with prices attempting to set up a test of the 0.76 figure. Prices are positioned just ahead of key support-turned-resistance, with performance here defining recent gains as either corrective or the start of a larger advance.

A move above 0.7589 – a former support shelf in play from March to July 2015 – sees the layer of resistance at 0.7642, the 123.6% Fibonacci expansion. Alternatively, a daily close below the 100% level at 0.7540 paves the way for a challenge of the 76.4% expansion at 0.7438.

We remain keen on entering short AUD/USD in line with our 2016 fundamental forecas t. An actionable trade setup is absent for the time being however, arguing for patience on pulling the trigger. The upcoming FOMC policy announcement may offer the catalyst for a selling opportunity to present itself.

Are 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.

DISCLOSURES