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
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
AUD/USD Technical Analysis: Readying Move Above 0.75?

AUD/USD Technical Analysis: Readying Move Above 0.75?

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

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.

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.

DISCLOSURES