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AUD/USD Technical Analysis: Aussie Rises to 1-Month High

AUD/USD Technical Analysis: Aussie Rises to 1-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Australian Dollar rises to one-month high, overcomes 0.74 figure vs. USD
  • Waiting to re-enter short in line with long-term trend after correction fizzles

The Australian Dollar continued to push higher against its US counterpart, rising to the highest level in a month and re-establishing a foothold above the 0.74 figure. The advance was fueled by the RBA monetary policy announcement as the central bank signaled continued easing is unlikely in the near term.

A daily close above the 38.2% Fibonacci expansion at 0.7530 opens the door for a challenge of the 50% level at 0.7649. Alternatively, a reversal below the intersection of a horizontal pivot and the 23.6% Fib at 0.7382 paves the way for a test of the 14.6% expansion at 0.7292.

The long-term AUD/USD trend continues to appear bearish, painting the current upswing as corrective and ultimately an opportunity to sell at more attractive levels rather than something to be chased higher. With that in mind, opting for the sidelines seems appropriate for the time being.

What does retail traders’ AUD/USD positioning hint about the trend? Find out here !

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