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AUD/USD Technical Analysis: Aussie Down Trend Ready to Resume?

AUD/USD Technical Analysis: Aussie Down Trend Ready to Resume?

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Strategy: SHORT

  • Australian Dollar rebound stalls ahead of resistance below 0.73
  • Near-term chart positioning hints a top may be starting to emerge
  • Compelling risk/reward parameters prompt AUD/USD short trade

Get help building confidence in your AUD/USD strategy with our free trading guide!

The Australian Dollar mounted a spirited recovery after briefly spiking to a ten-year low against its US counterpart. The advance has paused to consolidate below minor resistance at 0.7247. A daily close above this barrier opens the door for a test of the December swing high at 0.7393. Alternatively, a move back below resistance-turned-support at 0.7142 exposes the 0.7021-41 area anew.

AUD/USD Technical Analysis: Aussie Down Trend Ready to Resume?

Near-term positioning seems to suggest something more sinister than just a pause in the near-term uptrend is afoot. Prices have broken below near-term trend line support guiding them higher over the past week. That barrier has held up on initial upside retest, offering an early clue that perhaps more substantive topping is in the works.

AUD/USD Technical Analysis: Aussie Down Trend Ready to Resume?

With that in mind, a tactical short AUD/USD position has been activated at 0.7194. Initial aspirations on the trade are modest given the proximity of near-term support but risk/reward parameters look compelling to try positioning ahead of long-term down trend resumption. If the near-term breakdown fizzles, a daily close above relatively close-by resistance would make for a prompt exit ahead of a larger upswing.

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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