Never miss a story from Ilya Spivak

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from Daily FX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage you subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

AUD/USD Technical Strategy: Flat

  • Aussie Dollar in digestion mode after sinking to a three-week low
  • Near-term trend bias bearish but entering short seems premature
  • Tactical long position unattractive on risk/reward considerations

The Australian Dollar is digesting losses after hitting a three-week low against its US counterpart but the overall trend continues to favor weakness. Improving risk appetite has helped arrest selling pressure beating down the sentiment linked currency following last week’s bloodletting.

Resistance is marked by the March 22 swing high at 0.7785, with a daily close above that exposing a falling channel top at 0.7894. Immediate support is in the 0.7663-76 area (channel floor, 23.6% Fibonacci expansion).A push below that exposes a rising trend line guiding the longer-term advance from January 2016.That currently sits at 0.7608.

An actionable trade setup seems absent at this stage. Entering short seems premature absent clear-cut evidence suggesting the down move is resuming while a tactical long trade is unattractive from a risk/reward perspective given prices’ proximity to resistance. On balance, standing aside appears to be most sensible.

Join our AUD/USD strategy webinar and get ready to trade the currency pair this week!

AUD/USD Technical Analysis: Near-Term Trend Still Points Lower

AUD/USD TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivakon Twitter

To receive Ilya's analysis directly via email, please SIGN UP HERE