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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,

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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.

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