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AUD/USD Technical Analysis: October Swing Bottom Under Fire

AUD/USD Technical Analysis: October Swing Bottom Under Fire

2018-10-23 00:30:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Strategy: NET SHORT AT 0.7420

  • Australian Dollar rejected after testing downtrend resistance
  • October swing low under fire, breakdown to expose 0.69 mark
  • Waiting for improved risk/reward to add to AUD/USD short

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

The Australian Dollar looks to be resuming the downtrend against its US counterpart, as expected. Prices recoiled from trend line resistance capping gains since late January, slipping back below the 0.71 figure to challenge October’s swing bottom at 0.7041 once again.

A daily close below this boundary broadly exposes the September 2015 low at 0.6900, a barrier closely followed by the January 2016 bottom at 0.6827. The upper layer of trend resistance is now at 0.7190, with a daily close above that targeting the 0.7304-15 zone.

AUD/USD Technical Analysis: October Swing Bottom Under Fire

The short AUD/USD position activated at 0.7608 and then scaled up – first near 0.7530, then at 0.7325, again at 0.7205 and most recently at 0.7124 – remains active. Proximity to support makes adding to exposure furtherunattractive currently, but price action will be closely monitored for incoming opportunities to do so.

AUD/USD TRADING RESOURCES

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

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

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

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