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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • RT @carlquintanilla: Morgan Stanley thinks the next few weeks/months could “resemble what we saw last December, albeit less dramatic given…
  • RT @onlyyoontv: Chatted China’s take on DC trade talks and, @SullyCNBC— as I mentioned, Tencent has started broadcasting @NBA games again!…
  • BoE's Cunliffe says Brexit uncertainty has weighed on investment, adds that even if we get a Brexit transition deal, still do not know what the final trading relationship will be $GBP
  • .@DailyFX has just launched our new Worldwide Commodities Infographic. Be sure to check it out here to track major geopolitical players as well as live market prices -> https://www.dailyfx.com/research/global-commodities https://t.co/gUmzIfJReN
  • RT @TeddyVallee: *CHINA TO STRICTLY PROTECT IP RIGHTS, PREMIER LI SAYS
  • RT @onlyyoontv: When asked about next steps, @stevenmnuchin1 tells @CNBC: 1) deputy level calls this week 2) top negotiators’ (Lighthizer,…
  • Join @JWagnerFXTrader 's #webinar at 9:30 AM ET/1:30 PM GMT at the US market opening bell. Register here: https://t.co/9pXwJzGj54 https://t.co/Sf3agAblgC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.65%, while traders in France 40 are at opposite extremes with 78.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kGUMnZ2Fwv
  • LIVE NOW: Join Technical Strategist @MBForex to review the setups he's tracking this week in his Weekly Strategy Webinar! https://t.co/dFw88WP8eH
  • BoE's Cunliffe says any future rate increases are likely to be limited and gradual $GBP
AUD/USD Technical Analysis: September Floor Back Under Fire

AUD/USD Technical Analysis: September Floor Back Under Fire

2019-09-23 01:00:00
Ilya Spivak, Sr. Currency Strategist
Share:

AUD/USD TECHNICAL OUTLOOK: BEARISH

  • Aussie Dollar slumps after rebound loses steam below 0.69 figure
  • September bottom just below 0.67 marking trend-defining support
  • Invaliding bearish bias requires clear break of 9-month resistance

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

The Australian Dollar turned lower against its US counterpart after a spirited recovery lost momentum ahead of the 0.69 figure. A minor downside hurdle lines up at 0.6744 – the spike low from January – but the real test of sellers’ mettle will probably come on a challenge of the 0.6677-90 support shelf.

A break below this barrier – confirmed on a daily closing basis – would suggest the next substantive leg of the downtrend emanating from late-2018 highs is in progress. The next layer of immediate support is marked by the 38.2% Fibonacci expansion at 0.6621.

On the topside, back-to-back resistance levels begin at 0.6832 and run up to the September 12 high at 0.6895. Meaningful invalidation of the immediate bearish bias probably needs a breach beyond the outer layer of 9-month trend resistance, now at 0.6995.

Australian Dollar vs US Dollar price chart

AUD/USD chart created with TradingView

Tactically speaking, traders contemplating new short-side exposure may be dissuaded on risk/reward grounds considering prices’ proximity to support. Buyers contemplating a bounce may be no more enthusiastic in the absence of a clear-cut reversal signal. A fundamental catalyst may be needed to spark momentum.

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.

DISCLOSURES

News & Analysis at your fingertips.