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AUD/USD Technical Analysis: Trying to Lay Path Below 0.71

AUD/USD Technical Analysis: Trying to Lay Path Below 0.71

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Australian Dollar resumes down trend vs. USD after brief consolidation
  • Daily close confirmation of support break to lay a path below 0.71 figure

The Australian Dollar is under pressure once again after brief consolidative period, with prices attempting to pave the way for a move below the 0.71 figure. A top was established as expected with the formation of a bearish Evening Star candlestick pattern above the 0.78 mark.

Confirmation of a breach of support at 0.7212, the 61.8% Fibonacci retracement, on a daily closing basis paves the way for a challenge of the 76.4% level at 0.7065. Alternatively, a reversal above the 50% Fib at 0.7331 sees the next upside barrier at 0.450, the 38.2% retracement.

An actionable short setup is absent for the time being, pending validation of a support break. If a close below 0.7212 is secured, risk/reward considerations imply a short entry no lower than 0.7163. In the meantime, patience seems to be warranted.

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