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  • Break of range support at 0.768 - 0.7640 has propelled $AUDUSD to its lowest levels since late 2020, with the RSI registering its first intraday oversold readings since October. Symmetrical Triangle measured move suggests price could be poised to challenge the 0.7500 mark
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  • 🇮🇹 Business Confidence (JAN) Actual: 95.1 Expected: 95.6 Previous: 96.0
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  • 🇮🇹 Business Confidence (JAN) Actual: 95.1 Expected: 95.6 Previous: 95.9
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AUD/USD Technical Analysis: Looking to Sell Above 0.76

AUD/USD Technical Analysis: Looking to Sell Above 0.76

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Pending short at 0.7603
  • Aussie Dollar breaks 2016 down trend, eyes support below 0.75 figure
  • Looking to enter short AUD/USD on a corrective bounce toward 0.76

The Australian Dollar may be resuming the long-term down trend against its US namesake after prices broke support capping losses for most of 2016. Prices turned lower as expected after putting in a bearish Evening Star candlestick pattern below the 0.79 figure.

Sellers now aim to challenge the 38.2% Fibonacci retracement at 0.7450, with a break below that on a daily closing basis opening the door for a test of the 50% level at 0.7331. Alternatively, a move back above trend line support-turned-resistance at 0.7563 paves the way for a challenge of a horizontal pivot barrier at 0.7680.

Prices are too close to support to justify entering short from a risk/reward perspective. Instead, an entry order will be established to sell AUD/USD at 0.7603. If triggered, the trade will initially target 0.7450 and carry a stop-loss activated on a daily close above 0.7680.

What do DailyFX analysts expect from AUD/USD in 2016? See our forecast here!

AUD/USD Technical Analysis: Looking to Sell Above 0.76

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