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AUD/USD Technical Analysis: Signs of Looming Downturn Remain

AUD/USD Technical Analysis: Signs of Looming Downturn Remain

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar clings to trend support but bearish cues continue to warn of topping
  • Short position needs confirmation on a daily closing basis before being actionable

The Australian Dollar has managed to cling onto rising trend line support guiding the move higher since mid-December but signs of topping remain intact. The currency’s struggle to hold above the 2017 swing high coupled with negative RSI divergence – a sign of ebbing upside momentum – hint a drop may be ahead.

From here, a daily close below trend line support at 0.8028 opens the door for a test of the 23.6% Fibonacci retracement at 0.7986. Alternatively, a move back above 0.8066, an inflection point marked by the July 27 high, paves the way for another challenge of the September 8 top at 0.8125.

Clear-cut confirmation of a top remains elusive absent a clear breach of trend line support, warning against entering short prematurely. If support does hold, a viable bullish signal will be needed to justify taking up the long side. In the meantime, opting for the sidelines seems most prudent.

Find out here what the #1 mistake that traders make is and how you can fix it!

AUD/USD Technical Analysis: Signs of Looming Downturn Remain

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