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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
AUD/USD Technical Analysis: Erasing Post-Brexit Losses

AUD/USD Technical Analysis: Erasing Post-Brexit Losses

Ilya Spivak,

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Australian Dollar erases post-Brexit losses, threatens June swing top
  • Risk/reward , technical considerations argue against triggering a trade

The Australian Dollar has all but erased losses sustained in the aftermath of the UK “Brexit” referendum against its US counterpart. The near-term uptrend from lows set in late May remains intact but the bearish break suffered earlier that very month seems to paint longer-term positioning as favoring weakness.

A daily close above the 50% Fibonacci expansion at 0.7649 opens the door for a challenge of the 61.8% level at 0.7768, followed by the April 21 high at 0.7835. Alternatively, a move back below the 38.2% level at 0.7530 sees the next downside barrier marked by a rising trend line at 0.7389.

Prices are too close to resistance to justify initiating a long position from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal hints it is premature to bet against near-term momentum and in line with the long-term trend. As such, opting for the sidelines seems prudent.

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