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AUD/USD Technical Analysis: Aiming for Return Below 0.74

AUD/USD Technical Analysis: Aiming for Return Below 0.74

2016-12-06 09:00:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7457
  • Australian Dollar upswing tilts risk/reward setup to allow for short trade
  • Targeting move below 0.74 mark on expectation resistance sub-0.75 holds

The Australian Dollar may be readying to resume the down trend launched in early November after a brief upward correction against its US counterpart. Prices broke the counter trend line guiding the corrective recovery from the November 21 low, suggesting the dominant bearish bias is reasserting itself.

A daily close below the support shelf at 0.7383 opens the door for a challenge of the 0.7311-19 area (November 21 low, 38.2% Fibonacci expansion). Alternatively, a push above the 38.2% Fib retracement at 0.7490 sees the next upside barrier at 0.7545, the 50% threshold.

A bounce after the break of counter-trend support has improved risk/reward parameters and a short trade has been triggered at 0.7457, initially targeting 0.7383. A stop-loss will be activated on a daily close above 0.7490. Half of the trade will be booked and the stop-loss moved to breakeven on hitting the first target.

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AUD/USD Technical Analysis: Aiming for Return Below 0.74

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