Aussie Getting Hammered – AUD/USD, AUD/JPY, and AUD/NZD

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Aussie Getting Hammered - AUD/USD, AUD/JPY, and AUD/NZD

The Australian Dollar was strong going into the weekend, but completely reversed this week. Let’s take a look at the AUD/USD, AUD/JPY, and AUD/NZD charts and see what this means from a technical perspective.

The AUD/USD has broken a key support for a multi-month consolidation at 0.92. It has also cleared the 200-day SMA and the 38.2% retracement level putting pressure on the 50% and 61.8% retracement of this year’s rally. The weekly chart adds to the bearish outlook which puts the 2014-low of 0.8660 in sight. The AUD/JPY is reversing a bullish outlook, but we might want to consider possible buyers when price dips into the 96.00-96.50 area which was the resistance of a multi-month consolidation. The AUD/NZD has also been building a bullish scenario, but the current decline might test the price bottom made in 2014. If the market is indeed turning bullish, we should find buyers in the 1.09-1.10 area.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.