AUD/USD: More weakness expected

The primary down trend continues to drive prices lower. Minor support is found around the 0.7150-area. Even if this area holds out, we do not expect more than a slight bounce before prices decline towards the much more important pivots at 0.69 and the price projection at 0.6630.

Existing shorts can be maintained with trailing stops at 0.7545 or 0.7460.

  • Near term trend: negative
  • Long term trend: negative
  • Outlook: trend intact, negative
  • Strategy: hold-short with trailing stops
  • Support: 0.7540 / 0.7320 / 0.6900 / 0.6630*
  • Resistance: 0.7460 /  0.7545 / 0.7800 / 0.7895+
  • Outlook cancelled/neutralized: above 0.7460

Weekly chart Australian Dollar / US Dollar (AUD/USD)

23 APR 2018 – Potential breakout

Attempts to trigger a recovery away from the support zone around 0.7630 are failing. Sellers are currently pushing hard on the major weekly support zone. Breaking this area means an end of the moderate recovery and an extension of the weekly bearish phase. in this scenario the road is open towards 0.7540, 0.7320 and the most important zone between 0.6900<>0.6850.

We are (moderately) selling the breakout with stops above 0.8040.

  • Near term trend: negative
  • Long term trend: neutral/negative
  • Outlook: trend resumption below 0.7630
  • Strategy: avoid or sell below 0.7630
  • Support: 0.7630 / 0.7540 / 0.7320 / 0.6900-
  • Resistance: 0.7800 / 0.7895 / 0.8040 / 0.8110+
  • Outlook cancelled/neutralized: > 0.8040

Weekly chart Australian Dollar / US Dollar (AUD/USD)