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AUD/USD Technical Analysis: Down Trend Set to Resume?

AUD/USD Technical Analysis: Down Trend Set to Resume?

2017-05-19 08:04:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7423
  • Aussie Dollar puts in bearish candle setup at key resistance
  • Downturn would see initial support below 0.74 mark vs. USD

The Australian Dollarmay be preparing to turn lower anew after recovering to test the bounds of a two-month down trend against its US counterpart. Prices corrected higher as expected but a bearish Evening Star candlestick pattern now suggests the dominant bearish bias is reasserting itself.

From here, a daily close below the 23.6% Fibonacci expansion at 0.7368 opens the door for a test of the May 9 low at 0.7329, followed by the 38.2% level at 0.7306. Alternatively, a break above 0.7456 (channel top, neckline support-turned-resistance) exposes the 38.2% Fib retracement at 0.7490.

Risk/reward parameters appeared acceptable and a short AUD/USD position has been triggered at 0.7423. The trade initially targets 0.7368 and carries a stop-loss set to activate on a daily close above 0.7456. Profit on half of the position will be taken and the stop-loss moved to breakeven once the first objective is met.

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AUD/USD Technical Analysis: Down Trend Set to Resume?

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