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AUD/USD Technical Evaluation: Aussie Greenback Repelled at Development High

AUD/USD TECHNICAL OUTLOOK: BEARISH

Australian Greenback rejected at 11-month downtrend resistance vs USDBreak of near-term assist to beckon subsequent leg of the structural declineLonger-term positioning suggests scope to check 2008-2009 disaster lows

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The Australian Greenback is again on the defensive after testing resistance establishing the downtrend towards its US counterpart since December 2018. Final week’s resistance break has been overturned and AUD/USD is again to problem assist guiding it increased for the reason that starting of October.

A break under this barrier confirmed on a every day closing foundation would counsel the corrective upswing has been exhausted and the dominant bearish trajectory resumed. A down leg broadly in keeping with the development common may even see costs testing decade lows close to the Zero.66 determine.

Australian Dollar vs US Dollar price chart - daily

Every day AUD/USD chart created with TradingView

Longer-term positioning appears to be like still-more ominous. The 2018 break of a 17-year uptrend and the following breach of the Zero.69 determine in July of 2019 appears put costs broadly on track to retest lows within the Zero.6009-Zero.6352 area, the place costs haven’t ventured for the reason that 2008 monetary disaster.

AUD/USD Technical Analysis: Aussie Dollar Repelled at Trend Top

Month-to-month AUD/USD chart created with TradingView

AUD/USD TRADING RESOURCES

— Written by Ilya Spivak, Foreign money Strategist for DailyFX.com

To contact Ilya, use the feedback part under or @IlyaSpivak on Twitter


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