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AUD/USD Technical Analysis: Aussie Aims Higher Amid Consolidation

AUD/USD Technical Analysis: Aussie Aims Higher Amid Consolidation

Ilya Spivak,

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Talking Points:

  • AUD/USD Technical Strategy: Long at 0.7666
  • Australian Dollar chart setup still seems to favor gains vs. US counterpart
  • Long position initially aims for a move to test resistance above 0.77 figure

The Australian Dollar paused to digest gains after touching the strongest level in a month against its US counterpart but the dominant trend bias still favors gains. The currency broke the down trend defining price action since September in the aftermath of last week’s FOMC monetary policy announcement.

From here, a daily close above the 0.7733-40 area (October 6 low, 38.2% Fibonacci retracement) clears the way for a challenge of the 50% level at 0.7813. Alternatively, a reversal back below resistance-turned-support at 0.7625 opens the door for a retest of another former inflection point at 0.7549.

The long AUD/USD trade activated at 0.7666 remains in play, initially targeting 0.7714. A stop-loss will triggered on a daily close below 0.7622. Profit on half of the position will be booked and the stop-loss moved to breakeven when (and if) the first objective is reached.

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