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: Short
  • Aussie Dollar breaks 2017 uptrend support, hinting at significant reversal ahead
  • Short position activated below 0.76 figure looking for a test of 38.2% Fib support

The Australian Dollar has broken trend line support dating back to December 2016, suggesting the currency has reversed course against its US counterpart. The breakdown played out in the aftermath of disappointing wage growth data. The subsequent release of a mixed jobs report failed to offer a lasting reprieve.

From here, a daily close below the 38.2% Fibonacci expansion at 0.7539 opens the door for a challenge of the 50% level at 0.7480. Alternatively, a move back above the 23.6% Fib at 0.7612 – a move that would also undo the trend line break – paves the way for a retest of range floor support-turned-resistance at 0.7644.

Technical positioning seems to suggest bearish acceleration up ahead and a short AUD/USD position as been triggered at 0.7590. A stop-loss will be activated on a daily close above 0.7612. Profit on half of exposure will be booked and stop-loss moved to breakeven when (and if) the first objective is met.

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

AUD/USD Technical Analysis: 2017 Uptrend Under Fire

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

DISCLOSURES