Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
AUDUSD Chart Analysis: Eyeing 0.67 as Election Bounce Fizzles

AUDUSD Chart Analysis: Eyeing 0.67 as Election Bounce Fizzles

What's on this page

AUDUSD Technical Strategy: BEARISH

  • AUD bounce on Morrison election win rejected at near-term resistance
  • Break of January 2016 bottom exposes 2019 spike low below 0.68 mark
  • Longer-term positioning implies a descent to 0.67 in the coming weeks

Get help building confidence in your AUDUSD strategy with our free trading guide!

The Australian Dollar has seemingly failed to make much of a politically-driven upward jump against its US counterpart at the start of the week. The currency touched the top of its month-long downtrend after Prime Minister Morrison unexpectedly triumphed in the federal election but swiftly recoiled lower, helped along by dovish commentary from the RBA.

Prices are eyeing near-term support at 0.6827, the January 2016 bottom. Breaking below that opens the door for a challenge of the 2019 spike low at 0.6744. Trend line resistance is now at 0.6930. A breach above that confirmed on a closing basis neutralizes immediate selling pressure and sets the stage for a retest of support-turned-resistance in the 0.6978-0.7021 area.

AUDUSD chart - daily

Zooming back to a weekly chart, overall positioning continues to point to resumption of the 2018 downtrend following a period of consolidation. That sideways drift traced out a Descending Triangle chart pattern, which now implies a measured downside objective near the 0.67 figure. The upcoming release of minutes from this month's FOMC meeting may help drive the setup’s realization.

AUDUSD chart - weekly


--- Written by Ilya Spivak, Currency Strategist for

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.