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Talking Points:
Technical Strategy: Flat Aussie Dollar recovery stalls ahead of 0.79 threshold vs. US counterpart Confirmation of down trend resumption needed before re-entering short A spirited recovery against its US counterpart stalled ahead of the 0.79 figure, hinting that the down trend started in early September may soon resume. The series of higher highs and lows defining the upswing from October lows remains intact for now however.
A daily close below the 14.6% Fibonacci expansion at 0.7840 sees the next downside barrier at 0.7805, the 23.6% level. Alternatively, a rebound above resistance in the 0.7883-98 area (38.2% Fib retracement, October 13 high) paves the way for a test of the 50% threshold at 0.7929.
Profit was on the second half of an AUD/USD short trade after the first half of the position was closed upon . Confirmation of down trend resumption and acceptable risk/reward parameters will be sought to re-enter the trade in the days ahead.
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