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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
AUD/USD Technical Analysis: Eyeing June Top Once Again

AUD/USD Technical Analysis: Eyeing June Top Once Again

2017-06-27 07:39:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar trying to claw its way back to monthly swing top
  • Congested chart setup arguing against taking a trade for now

The Australian Dollar is attempting to rebuild upside momentum against its US namesake after a short-lived pullback found support above the 0.75 figure once again. Prices are on pace to breach short-term resistance, leading to a test of the monthly high.

A daily close above the 23.6% Fibonacci expansion at 0.7605 paves the way for a challenge of the 0.7636-50 area (June 14 high, 38.2% level). Alternatively, a move back below the 14.6% Fib at 0.7578 opens the door for a retest of the 0.7517-33 zone (resistance-turned-support, June 22 swing low).

Near-term positioning is much too congested to make for an attractive trading opportunity. An actionable opportunity may emerge if the pair secures a foothold above the 0.76 figure or demonstratively fails to break it and reverses downward. Such clear-cut signs are absent for now however.

Need help building your AUD/USD strategy? Check out our trading guide!

AUD/USD Technical Analysis: Eyeing June Top Once Again

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

DISCLOSURES

News & Analysis at your fingertips.