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AUDUSD Chart Analysis: Downtrend Expected to Resume After Bounce

AUDUSD Chart Analysis: Downtrend Expected to Resume After Bounce

Ilya Spivak, Head Strategist, APAC

AUDUSD CHART ANALYSIS: BEARISH

  • Australian Dollar bounce seen as corrective within broader downtrend
  • Invalidating bearish bias needs a breach of resistance above 0.71 figure
  • Weekly chart positioning implies downside objective near the 0.67 mark

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

The Australian Dollar has managed a tepid recovery against its US counterpart after finding support just above the January 2016 low at 0.6827. Still, the outlines of the breakdown identified last week – a breach of countertrend support following rejection former resistance in the 0.6978-0.7021 area – remain intact.

That paints the current rise as corrective within the context of a larger descent. In fact, buyers would probably need to engineer a daily AUDUSD close above falling trend line resistance set from early December 2018 – now at 0.7114 – to convincingly neutralize the downside bias.

Australian Dollar vs US Dollar price chart - daily

Bearish resumption that brings the exchange rate below 0.6827 targets the 2019 spike low at 0.6744 next. The weekly chart warns of deeper losses still, showing a completed Descending Triangle chart formation that implies a measured downside target within a hair of the 0.67 figure.

Australian Dollar vs US Dollar price chart - weekly

AUDUSD 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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