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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Technical Analysis: A Top in Place Below 0.81?

AUD/USD Technical Analysis: A Top in Place Below 0.81?

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar edges past near-term range floor, hinting at deeper losses ahead
  • Narrow range, with looming top-tier event risk argue for against short position

The Australian Dollar may be preparing to turn lower as expected as prices edge below near-term range support having signaled ebbing upside momentum. Confirmation of a longer-term top remains elusive however, with the series of higher highs and lows set from June still firmly intact.

From here, a daily close below the 23.6% Fibonacci retracement at 0.7892 opens the door for a challenge of the 38.2% level at 0.7784. Alternatively, a sustained advance above the 14.6% Fib at 0.7958 sees the next upside barrier at 0.8066, the July 27 high.

Tempting though it is to take a short position, opting for the sidelines seems most prudent. The near-term range is narrow and high profile event risk by way of the US jobs report can generate ample volatility that materially alters technical positioning.

Have a question about trading AUD/USD? Join a trading Q&A webinar and ask it live!

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

DISCLOSURES