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.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
AUD/USD Technical Analysis: Short Trade Triggered Above 0.75

AUD/USD Technical Analysis: Short Trade Triggered Above 0.75

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

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.

DISCLOSURES