AUDUSD | 3-Month Trend Line Broken | 10.08.2015

AUDUSD Technical AnalysisTalking Points :

  • AUDUSD Technical Analysis : Flat
  • Support: 0.7379, 0.7323, 0.7259
  • Resistance:0.7468, 0.7541, 0.7614

The Australian Dollar moved higher against its US counterpart as expected, breaking resistance capping gains since mid-May. Near-term resistance is at 0.7468, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 0.7541. Alternatively, a move below the 23.6% Fib at 0.7379 opens the door for a test of the 14.6% retracement at 0.7323.

The dominant AUD/USD trend continues to favor the downside. With that in mind, we will treat any on-coming gains as corrective and look to an upswing as an opportunity to enter short. In the meantime, we will remain on the sidelines.


Follow us

We will keep you updated

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.