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AUD/USD Technical Analysis: Down Trend Resumption in the Works?

AUD/USD Technical Analysis: Down Trend Resumption in the Works?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar recovery stalls ahead of 0.79 threshold vs. US counterpart
  • Confirmation of down trend resumption needed before re-entering short

A spirited Australian Dollar recovery against its US counterpart stalled ahead of the 0.79 figure, hinting that the down trend started in early September may soon resume. The series of higher highs and lows defining the upswing from October lows remains intact for now however.

A daily close below the 14.6% Fibonacci expansion at 0.7840 sees the next downside barrier at 0.7805, the 23.6% level. Alternatively, a rebound above resistance in the 0.7883-98 area (38.2% Fib retracement, October 13 high) paves the way for a test of the 50% threshold at 0.7929.

Profit was booked on the second half of an AUD/USD short trade initiated at 0.7970 after the first half of the position was closed upon hitting its first objective. Confirmation of down trend resumption and acceptable risk/reward parameters will be sought to re-enter the trade in the days ahead.

What do retail traders’ buy/sell decisions hint about coming AUD/USD moves? Find out here!

AUD/USD Technical Analysis: Down Trend Resumption in the Works?

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

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