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AUD/USD Technical Analysis: Aussie Dollar Soars to 2-Month High

12/28/2017, 11:15:20 AMTrading Strategies
AUD/USD Technical Analysis: Aussie Dollar Soars to 2-Month High

The Australian Dollar soared to the highest level in two months against its US counterpart, with prices now seemingly poised to probe above the 0.78 figure. The move higher marks the eighth consecutive advance for the Aussie, making this the longest winning streak since October 2015.

Near-term resistance is at 0.7813, the 50% Fibonacci retracement, with a break above that on a daily closing basis opening the door for a test of the 61.8% level at 0.7887. Alternatively, a move back below the 0.7733-40 (38.2% Fib, October 6 low) exposes the 0.7625-49 zone (October 27 low, 23.6% retracement).

The long AUD/USD position triggered at 0.7666 hit its initial profit target and partial profit has been booked. The remainder of the trade remains in play to capture follow-on strength. The stop-loss has been trailed to the breakeven level.