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AUD/USD Technical Analysis: Readying Move Above 0.75?

AUD/USD Technical Analysis: Readying Move Above 0.75?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar narrowly breaks above two-week range resistance
  • Waiting for actionable trade setup to re-establish short exposure

The Australian Dollar narrowly breached the top of a consolidation range in play over the past two weeks but failed to secure a foothold above 0.75 versus its US counterpart. Still, the move hints that further gains may be ahead, echoing last week’s resilience in the face of disappointing news-flow.

From here, a break above the 50% Fibonacci retracement at 0.7545 opens the door for a test of the 61.8% level at 0.7600. Alternatively, a reversal back below the 38.2% Fib at 0.7490 on a daily closing basis paves the way for a decline challenge the 14.6% Fib expansion at 0.7440.

The stop-loss on a short AUD/USD position triggered at 0.7457 was narrowly activated and the trade has been closed. Current positioning seems unattractive to re-establish exposure. Opting for the sidelines seems most prudent until an actionable opportunity to trade in line with the broadly bearish bias reemerges.

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

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