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 bounce rejected at former support, countertrend line broken
  • Downtrend resumption initial eyes support in the 0.6827-65 area
  • Longer-term positioning hints at test of 0.67 figure on the horizon

Join our live RBA rate decision webinar to see how it will impact trading AUDUSD!

The Australian Dollar appears to have confirmed that the recent upswing against its US counterpart was corrective in the context of a larger downtrend, as expected. Prices dropped after putting in a demonstrative Bearish Engulfing candlestick pattern on a retest of support-turned-resistance and broke rising countertrend support set from mid-May, seemingly confirming the reversal.

Near-term support is now in the 0.6827-65 zone, marked by the latest swing bottom as well as the January 2016 low. Breaking below that on daily closing basis seems likely to open the door for a test of the 2019 spike low at 0.6744. Immediate resistance remains in the 0.6978-0.7021 zone, with a reversal back above setting the stage for a challenge of the downward trend in place since early December 2018.

AUDUSD chart - daily

Zooming out to the weekly chart hints that a still-deeper downturn might be in the cards. That the latest swing lower was triggered squarely at the underside of a completed Descending Triangle chart pattern appears to reinforce the setup’s validity, and thereby its broader implications. A measured-move objective derived from a conservative assessment of its widest point implies downward progression to test the 0.67 figure.

AUDUSD Chart Analysis: Aussie Dollar Resumes Downtrend, Eyes 0.67


--- Written by Ilya Spivak, Currency Strategist for

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