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 DailyFX 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 your 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: Flat
  • Australian Dollar looking for direction at trend-defining support level
  • Inconclusive chart positioning argues against taking a trade for now

The Australian Dollar has dropped to a four-month low against its US counterpart but sellers are struggling to make continued progress having met critical chart support. A rebound here might be the first step toward showing that losses since early September are corrective in the context of a longer-term advance.

Critical support is at 0.7655 (61.8% Fibonacci expansion, former trend line resistance set from April 2016). Breaching this would invalidate July’s upside breakout, initially exposing the 76.4% level at 0.7598. Alternatively, a close above the 50% Fib at 0.7702 targets the 38.2% expansion at 0.7748.

An actionable trade setup seems to be absent. Prices are probing above range resistance but confirmation of a break is absent, arguing against taking up the long side. Entering short appears to be likewise unattractive absent clear-cut evidence of bearish conviction. Opting for the sidelines is probably best for now.

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

AUD/USD Technical Analysis: All Eyes on Trend-Defining Support