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AUD/USD Technical Analysis: Three-Month Uptrend Broken

AUD/USD Technical Analysis: Three-Month Uptrend Broken

2017-04-04 03:41:00
Ilya Spivak, Head Strategist, APAC
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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 expectedafter 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!

AUD/USD Technical Analysis: Three-Month Uptrend Broken

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