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AUD/USD Technical Analysis: Three-Month Uptrend Broken

AUD/USD Technical Analysis: Three-Month Uptrend Broken

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7605
  • Aussie Dollar breaks 3-month trend support, hinting at bearish reversal
  • Short position initially looking for sustained descent below 0.76 figure

The Australian Dollar broke through trend support defining the move higher since the beginning of the year, hinting the longer-term down move may be resuming. The currency topped below the 0.78 figure against its US cousin as expected after putting in a Bearish Engulfing candlestick pattern.

Near-term support is now in the 0.7498-0.7524 area (resistance-turned support, 38.2% Fibonacci retracement), with a daily close below that opening the door for a challenge of the 50% level at 0.7455. Alternatively, a turn back above the trend line (now at 0.7616) paves the way for a retest of the March 30 high at 0.7679.

The technical break coupled with appealing risk/reward parameters has led to the triggering of a short position at 0.7605. The trade initially targets 0.7524. A stop-loss will be activated on a daily close above 0.7650. Half of the trade will be closed and the stop-loss moved to breakeven upon hitting the first objective.

How will the upcoming RBA rate decision impact this setup? Join the webinar and find out!

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