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AUD/USD Technical Analysis: Aiming to Probe Below 0.75 Figure

AUD/USD Technical Analysis: Aiming to Probe Below 0.75 Figure

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Talking Points:

  • AUD/USD Technical Strategy: Short at 0.7611
  • Aussie Dollar sinks to 6-month low after rejection at former support line
  • Prices poised to test below 0.75 figure after breaking Fibonacci barrier

The Australian Dollar has dropped to the lowest level in six months against its US counterpart, with a break of chart support hinting at a move below 0.75 ahead. The currency turned lower as expected following a retest of a rising trend line that was guiding the rally from December 2016 until a breakdown in November.

A break below the 23.6% Fibonacci expansion at 0.7514 has exposed the 38.2% level at 0.7428. Breaking the latter level opens the door for a test of the 50% Fib at 0.7358. Alternatively, a move back above former support at 0.7532 clears the way for another challenge of resistance at 0.7625.

The short AUD/USD trade triggered at 0.7611 hit its initial target and profit has been booked on half of the position. Remaining exposure will remain in play to capture any follow-on weakness. The stop-loss has been railed to the breakeven level.

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