Never miss a story from Ilya Spivak

Subscribe to receive daily 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 DailyFX 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 your 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: NET SHORT AT 0.7456

  • Australian Dollar stalls but trend bias favors bearish resumption
  • Break of support above 0.70 threatens decline to three-year lows
  • Short trade remains in play, invalidation point above 0.71 mark

See our Q4 forecasts to learn what will drive key asset prices through year-end!

The Australian Dollar is stalling at support above the 0.70 figure against its US namesake but the broader price trend continues to look decidedly bearish. Rejection on a re-test support-turned-resistance in the 0.7085- 0.7104 area may precede bearish resumption.

AUD/USD Technical Analysis: Deeper Aussie Dollar Drop Expected

Immediate support is at 0.7041, the October 8 low. A break below that confirmed on a daily closing basis sees the next significant barrier at 0.6900, the September 2015 low, followed by the January 2016 bottom at 0.6827. Alternatively, a break above 0.7104 exposes trend resistance in the 0.7156-0.7229 zone.

A short AUD/USD position was activated at 0.7608. It was subsequently scaled up, first near 0.7530, then at 0.7325, and most recently at 0.7205. That makes for an overall cost basis at 0.7456. The stop-loss will be triggered on a dictionary basis.


--- Written by Ilya Spivak, Currency Strategist for

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