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AUD/USD Technical Analysis: Aussie May Bounce From 1-Month Low

AUD/USD Technical Analysis: Aussie May Bounce From 1-Month Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar hints at possible recovery after hitting 1-month low
  • Looking for a corrective upswing as an opportunity to enter short

The Australian Dollar may be preparing for a rebound against its US counterpart but overall positioning continues to favor a bearish bias. The appearance of a bullish Morning Star candlestick pattern hints at an upswing but the move seems corrective while below a recently broken rising trend line.

A daily close above resistance in the 0.7597-0.7647 area (23.6% Fibonacci expansion, June 24 high) opens the door for another challenge of the August 11 high at 0.7760. Alternatively, a reversal lower that produces a daily close below the 38.2% level at 0.7496 will pave the way for a test of the 50% Fib at 0.7415.

A pending entry order to sell AUD/USD at 0.7597 has been cancelled as prices hit the would-be trade’s target without a rebound to trigger the position. A corrective upswing may offer another chance to sell the pair but setting firm parameters seems premature as US jobs data threatens to materially alter positioning.

AUD/USD Technical Analysis: Aussie May Bounce From 1-Month Low

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