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AUD/USD Technical Analysis: Short Trade Triggered Above 0.75

AUD/USD Technical Analysis: Short Trade Triggered Above 0.75

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7516
  • Aussie Dollar breaks support set from post-Brexit lows
  • Short trade triggered aiming for down trend resumption

The Australian Dollar issued the largest daily decline in a month against its US namesake, breaking the near-term rising trend carved from lows set after the Brexit referendum. The reversal hints that the dominant longer-term down trend may have resumed.

Near-term support is at 0.7413, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a test of the 50% level at 0.7332. Alternatively, a reversal back above the 23.6% Fib at 0.7514 sees the next upside barrier at 0.7576, the 14.6% expansion.

A short AUD/USD position was triggered at 0.7516, initially targeting 0.7413 with a stop-loss to be activated on a daily close above 0.7576. Profit on half of the position will be booked when the first objective is met. The remaining exposure left in play to capture any follow-on weakness with a stop-loss adjusted to the breakeven level.

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