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
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
AUD/USD Technical Analysis: Aiming for Return Below 0.74

AUD/USD Technical Analysis: Aiming for Return Below 0.74

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

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.

Join the AUD/USD outlook webinar LIVE to see what drives prices each week!

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