AUD/USD

The Aussie is a currency that has become a favored vehicle of traders in recent years. After a multi-decade commodity boom brought the Australian Dollar to all-time highs against the US Dollar, traders were often attracted by the interest rate differential in the pairing. This allowed traders to earn rollover for being long AUD/USD, while also benefitting from a massive bull run seen in the pair. Of recent, tides have appeared to change as economic difficulties in China coupled with bear markets in metals and many commodities, have created a more opaque picture of the future of Australia's financial prospects.


SSI: The Speculative Sentiment Index


Last Week
1.1
Current
---
Short
Chg. Open Interest
5.9%
Outlook
mixed

Support & Resistance

AUD/USD
Yen May Recoil from 15-Month High on Yellen Pre-Positioning
S10.7016 S R30.7243 S
S20.6947 M R20.7161 W
S30.6898 W R10.7111 M
Trend
down
Volatility
95%

news


Yen May Recoil from 15-Month High on Yellen Pre-Positioning

The Japanese Yen may reverse lower after hitting a 15-month high overnight as risk appetite recovers amid pre-positioning for testimony from Fed Chair Janet Yellen.
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Real Time News


Analyst picks

Tyler Yell, CMT   

Forex Trading Instructor

My Picks: Bullish AUD vs. Weak Currency On Break of Resistance & Seasonal Patterns
Expertise: Elliott Wave, Intermarket Analysis, Classic Technical Analysis, Sentiment
Average Time Frame of Trades: 1 Week to 3 Weeks


Pivot Points

Candlestick

Symbol Trends Bias Time Frame Candlestick Formation Candle Bias
AUD/USD
weekly MORNING STAR

AUD/USD Candlestick Analysis: Aussie Recovery Under Way?

Fundamental analysis, economic and market themes

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Talking Points:

  • AUD/USD Strategy: Flat
  • Aussie Tries to Make Good on Bull Signal
  • Upswing to Yield Short Trade Opportunity

The Australian Dollar is trying to make good on upside reversal cues established by the formation of a bullish Morning Star candlestick pattern. Breaking channel top resistance at 0.7806 initially exposes the 23.6% Fibonacci retracement at 0.7998. Alternatively, a reversal below the intersection of channel floor support and the 23.6% Fib expansion at 0.7478 targets the 38.2% threshold at 0.7194.

The overall AUD/USD trend continues to look bearish. With that in mind, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.

AUD/USD Candlestick Analysis: Aussie Recovery Under Way?

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


Forex Economic Calendar


AUD NAB Business Confidence
m
A: 2
F: 
P: 2

USD Wholesale Inventories
m
A: 
F: -0.1%
P: -0.3%

AUD Westpac Consumer Confidence
m
A: 
F: 
P: -3.5%

AUD HIA New Home Sales (MoM)
m
A: 
F: 
P: -2.7%

USD MBA Mortgage Applications
m
A: 
F: 
P: -2.6%

USD Fed's Yellen to Appear Before House Financial Services Committee
h
A: 
F: 
P: 
A: Actual   F: Forecast    P: Previous