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AUD/USD Technical Analysis: 2-Month Range Floor Gives Way

AUD/USD Technical Analysis: 2-Month Range Floor Gives Way

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7488
  • Aussie breaks 2-month support shelf, hinting at down trend resumption
  • Short position activated, initially targeting descent to new 3-month low

The Australian Dollar broke through two-month chart support below the 0.75 figure, hinting at deeper losses against its US counterpart on the horizon. Overall positioning suggests that the down move initiated with a bearish trend reversal in late March is reasserting itself.

Near-term support is now at 0.7440, the 50% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a challenge of the 61.8% level at 0.7367. Alternatively, a reversal back above the 38.2% Fib at 0.7513 paves the way for a retest of the 23.6% expansion at 0.7604.

An intraday bounce allowed for acceptable risk/reward parameters and a short position has been activated at 0.7488, initially targets 0.7440. A stop-loss has been set to trigger on a daily close above 0.7513. Profit on half of the trade will be taken and stop moved to breakeven once the first objective is met.

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