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: 2017 Uptrend Under Fire

AUD/USD Technical Analysis: 2017 Uptrend Under Fire

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 sellers are challenging support defining the 2017 rising trend
  • Clear-cut break or bullish reversal signal needed for actionable trade setup

The Australian Dollar is attempting to break lower against its US counterpart, with prices menacing support that has led them higher since late December 2016. The currency stalled at trend line support-turned-resistance set from April 2016 for nearly three weeks but now seems to be trying to break that deadlock.

Support is in the 0.7594-0.7625 area (trend line, October 27 low, 23.6% Fibonacci expansion). A daily close below that sees the next downside threshold at 0.7538, the 38.2% level. Alternatively, a bounce above the 23.6% Fib retracement at 0.7743 opens the door for a test of the 38.2% retracement at 0.7816.

Current positioning is inconclusive, with neither a break of trend support nor a clear-cut bullish reversal signal available to make for an actionable trade setup. Standing aside seems prudent for now as the currency pair figures out the path of least resistance.

Just getting started trading AUD/USD? Check out our free beginners’ guide !

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

DISCLOSURES