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
Get assist constructing confidence in your AUD/USD technique with our free buying and selling information!
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.
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.
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