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AUD/USD Technical Analysis: Long-Term Down Trend Resuming?

AUD/USD Technical Analysis: Long-Term Down Trend Resuming?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Bearish candlestick pattern hints an Aussie top may be in place
  • Confirmation of near-term uptrend reversal needed to enter short

The Australian Dollar put in a bearish Dark Cloud Cover candlestick pattern, hinting prices may be readying to turn lower after finding resistance below the 0.76 mark. Prices hit a two-month high just yesterday but a resurgence of Fed rate hike speculation managed to offer a lifeline to the battered greenback.

From here, a daily close below the 14.6% Fibonacci expansion at 0.7479 opens the door for a test of the 23.6% level at 0.7423. Alternatively, a push above the January 17 swing high at 0.7569 paves the way into a congestion area capped by a double top at 0.7760.

Tempting though it may be to bet on long-term down trend resumption, patience seems prudent for now. The series of higher highs and lows defining the latest upswing remains intact, suggesting that further confirmation is needed before taking up the short side.

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AUD/USD Technical Analysis: Long-Term Down Trend Resuming?

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

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