AUD / USD – Technical Analysis – Heading Down Quickly

Having enjoyed a solid run up since the beginning of June, The AUD / USD is starting to show clear signs of tiring and easing off considerably.  It has clearly fallen out of favour over the last few weeks.  Throughout the last few months, its retracements have been in the order of approximately 2 cents however the present sell is getting close to twice that as it drifts down towards 1.0200.  The break through the 1.04 level was a telling blow and it then met reasonable resistance there. (Daily chart below)

AUDUSD Technical Analysis Candlestick Daily Chart.

AUD/USD

Sep 3 at 02:30 GMT
1.0261/62    H: 1.0324    L: 1.0256
S3 S2 S1 R1 R2 R3
1.0250 1.0200 1.0000 1.0300 1.0400 1.0550

 

AUD/USD Technical

  • During the hours of the Asian trading session on Monday, the AUD / USD has been sold off quite strongly as it has dropped close to 80 pips already.
  • Short term, the 1.0250 level may offer some support and the 1.0200 level is likely to offer support beyond that.
  • Current range: Staying below 1.0300.  How long until it returns back to 1?

 

Further levels in both directions:

  • Below: 1.0250, 1.0200, and 1.0000.
  • Above: 1.0300, 1.0400 and 1.0550.

 

September 3

  • AU 1:30 (GMT) ANZ Job Ads (Aug)
  • AU 1:30 (GMT) Retail trade (Jul)
  • JP 5:00 (GMT) Vehicle Sales (Aug)
  • UK 8:28 (GMT) CIPS Manufacturing PMI (Aug)

Download the OANDA Forex Market Calendar

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.