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AUD/USD Technical Analysis: Short Trade Targets Sub-0.71

AUD/USD Technical Analysis: Short Trade Targets Sub-0.71

2016-05-31 02:14:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7187
  • Aussie Dollar in consolidation mode after dropping to three-month low
  • Short position targeting test of support below 0.71 figure remains in play

The Australian Dollar is digesting losses in a narrow range after touching the lowest level in nearly three months against its US counterpart. The pair established a top as expected after putting in a bearish Evening Star candlestick pattern above the 0.78 figure.

Near-term support is at 0.7065, the 76.4% Fibonacci retracement, with a break below that opening the door for a challenge of the January 15 low at 0.6827. Alternatively, a reversal above the 0.7212-43 area (61.8% level, February 4 high) confirmed on a daily closing basis sees the next upside barrier in the 0.7300-31 region (May 10 low, 50% Fib).

A short AUD/USD position was activated at 0.7187, initially targeting 0.7065 and carryinga stop-loss to be triggered on a daily close above 0.7243. Profit on half of open exposure will be booked and the stop-loss trailed to breakeven when the first objective has been reached.

Is the Australian Dollar matching DailyFX analysts’ 2016 expectations? Find out here!

AUD/USD Technical Analysis: Short Trade Targets Sub-0.71

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