News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Gold holding steady as stocks, dollar remain relatively flat during trade $XAU $USD https://t.co/DOS8MlnGWa
  • The US economy will be in particular focus over the coming days, with the first Federal Reserve rate decision of the Biden presidency and the initial Q4’20 US GDP report on the docket. Get your market update from @CVecchioFX here:https://t.co/IsXHxRNVvv https://t.co/xnYIDGwvDL
  • Germany will not be able to stick to debts limits in constitution for years - Handelsblatt
  • The FTSE 100 has extended its pullback from trendline resistance (stemming from the 2009 low) with the index shedding 0.6% for the week. Get your #FTSE market update from @JMcQueenFX here:https://t.co/ZH3mu1MlEx https://t.co/NHPRYQIVDB
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Gold: -0.01% Oil - US Crude: -0.02% Silver: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ra1oz2gMJz
  • WTI Crude futures settle up 0.96%, at $52.77 - BBG
  • I'm not usually big with head and shoulders patterns but there are conflicting signals in $USD atm. 1st chart here is on h4 and it's a h&s with neckline ~ 90. 2nd chart is on h8, and its an inverse h&s with neckline ~ 91. Given calendar, a break this week can def happen. https://t.co/EuuD7kFDVP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lXqkGmTKFc
  • Today was the 'quiet' session of the week with only a few high profile indicators on tap. The high profile fundamental themes start up in earnest tomorrow (including the IMF's WEO). We will see how speculative charge for the likes of GME competes with global growth forecasts
  • US Dollar Head and Shoulders Pattern, Focus on USD/CAD, NZD/USD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/01/25/US-Dollar-USD-Head-and-Shoulders-Pattern-Focus-on-USDCAD-USD-CAD-NZDUSD-NZD-USD.html https://t.co/FzJjpcePv3
Analysis: Bottoming Process in AUD/USD?

Analysis: Bottoming Process in AUD/USD?

Kristian Kerr, Sr. Currency Strategist

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

In several recent Price & Time notes we have highlighted the potential cyclical importance of the August 5th low in AUD/USD ( to read one of the reports click here) as Fibonacci time relationships seems to exist between early August and various significant lows of the past 4 years. Our cyclical analysis suggests that if the .8846 month-to-date low was indeed significant then the Aussie should try to turn higher again within the next couple of days. Our idealized support zone is a convergence of the 1x2 Gann angle line from the year’s closing high and the 61.8% retracement of the August range in the .8995 area. There is some chance that the exchange rate could fall to further retracements at .8930 and .8890 before trying to bottom. For this reason we like going long the rate around .8995 with a stop under .8890. Continued weakness into next week below .8890 would completely undermine the positive cyclical prospects of the early August low and turn us negative on the Aussie.

AUD/USD Daily Chart: August 21, 2013

Range_aud_body_Picture_2.png, Analysis: Bottoming Process in AUD/USD?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risks in Coming Sessions:

Range_aud_body_Picture_1.png, Analysis: Bottoming Process in AUD/USD?

LEVELS TO WATCH

Resistance: .9085 (Fibonacci), .9170 (Gann)

Support: .8995 (Fibonacci), .8890 (Gann)

STRATEGY – Buy AUD/USD at .8995

Entry: Buy AUD/USD .8995

Stop: 1-day close below .8890

Target 1: .9170

Target 2: .9300

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

Are you looking for other ways to pinpoint support and resistance levels? Take our free tutorial on using Fibonacci retracements.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES