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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
AUD/USD Technical Analysis: Rejected at Channel Top

AUD/USD Technical Analysis: Rejected at Channel Top

Ilya Spivak,

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar whipsawed as support break, rebound fizzle in turn
  • Positioning inconclusive as major event risk looms on the horizon

The Australian Dollaroverturned last week’s break of two-month chart support but upside momentum has since fizzled at channel top resistance. Positioning now looks inconclusive, with all eyes on the FOMC monetary policy announcement to establish fresh direction cues.

A daily close below the 23.6% Fibonacci expansion at 0.7482 opens the door for attest of 0.7436, the intersection of the 38.2% level and the channel floor. Alternatively, a reversal above 0.0.7556 (channel top, 38.2% Fib retracement) paves the way for a challenge of the 50% threshold at 0.7593.

An actionable trade setup is absent at this time. The near-term down trend seems to be holding for now but prices are too close to immediate support to justify entering short from a risk/reward perspective. Furthermore, on-coming event risk may materially alter positioning. Staying flat seems most prudent.

What will drive AUD/USD next week? Join the outlook webinar and find out!

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