Never miss a story from Ilya Spivak

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from Daily FX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage you subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7970
  • Aussie Dollar breaks secondary trend support, hinting at further weakness
  • Short trade triggered, aiming for a decline toward 0.78 versus the US Dollar

The Australian Dollar has fallen to the lowest level in a month against its US counterpart, with a breach of trend line support hinting at further losses ahead. Preliminary topping was noted last week but a secondary support break appeared to be needed for confirmation. It now looks to have transpired.

The next major layer of support lines up in the 0.7808-19 area (August 15 low, 38.2% Fibonacci retracement), with a daily close below that opening the door for a test of the 50% level at 0.7725. Alternatively, push back above trend line support-turned-resistance – now at 0.7979 – exposes the July 27 high at 0.8066 anew.

Risk/reward considerations appeared acceptable to attempt a short trade and AUD/USD was sold at 0.7970, initially targeting 0.7819. A stop-loss will be activated on a daily close above 0.8051. Profit on half of the position will be booked and the stop moved to breakeven when (and if) the first objective is met.

Are you making the #1 most common mistake when trading AUD/USD? Find out here!

AUD/USD Technical Analysis: Down Move Gaining Traction