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.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
AUD/USD Technical Analysis: Aussie Poised to Test 2017 High

AUD/USD Technical Analysis: Aussie Poised to Test 2017 High

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar aiming at 2017 high after breaking above range resistance
  • Steady stream of top-tier event risk looms ahead, arguing for patience

The Australian Dollar looks poised to test the 2017 high against its US counterpart after finally breaking stubborn chart resistance below the 0.80 figure. The move higher followed an RBA monetary policy announcement that did not seem to build on a vague threat of FX intervention made in recent weeks.

From here, a daily close above the 0.8066-87 area (July 27 high, 38.2% Fibonacci expansion) opens the door for a test of the 50% level at 0.8173. Alternatively, a turn back below the 23.6% Fib at 0.7979 – now recast as support – paves the way for a retest of a rising trend line set from early June, now at 0.7915.

Entering long seems compelling from a purely technical perspective. However, a hefty dose of event risk including second-quarter GDP data and high-profile commentary from RBA officials may drastically alter the setup however, especially if intervention is mentioned anew. Standing aside seems most prudent for now.

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

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