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.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.28% 🇯🇵JPY: 0.02% 🇨🇦CAD: 0.01% 🇦🇺AUD: -0.08% 🇨🇭CHF: -0.11% 🇳🇿NZD: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UeNcsKGpIo
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 0.65% Germany 30: 0.62% US 500: 0.51% Wall Street: 0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/cEoH2bm0oY
  • The #Euro technical outlook against the US Dollar may be on the verge of turning bullish as $EURUSD attempts to reverse the prevailing downtrend that has held since June. Get your market update from: https://t.co/kZ0dJUd4Jq https://t.co/eGvGRnx9N0
  • EU's Barnier says it is still possible to reach a Brexit deal this week - negotiations are currently intense. Sterling on a roll - - GBPUSD +0.60% @ 1.26800. #gbpusd #brexit #sterling @DailyFX
  • What is the status of the $USD as the world's reserve currency, and where is #Brexit heading? Find out from @IG_US CEO Rupert Osborne, only on Trading Global Markets Decoded #podcast episode here: https://t.co/wnEQUhB0v9 https://t.co/gtKf1wxlbM
  • (Analyst Pick) Australian Dollar Forecast Versus Yen, AUD/JPY Declines to Resume? $AUDJPY #AUD #JPY - https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2019/10/15/Australian-Dollar-Forecast-Versus-Yen-AUDJPY-Declines-to-Resume.html?CHID=9&QPID=917702 https://t.co/wxpMKdZSxP
  • Japan Industrial Production (YoY) (AUG F): Actual: -4.7% Previous: -4.7% And Tertiary Industry Index (MoM) (AUG) Actual: 0.4% Previous: 0.1% $USDJPY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.92%, while traders in France 40 are at opposite extremes with 83.41%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wpiVMUxSmj
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.07% 🇨🇭CHF: 0.06% 🇬🇧GBP: 0.06% 🇪🇺EUR: 0.05% 🇯🇵JPY: 0.04% 🇦🇺AUD: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4I9J8GjX73
  • Heads Up:🇯🇵 JPY Industrial Production (YoY) (AUG F) due at 04:30 GMT (15min), Actual: N/A Expected: N/A Previous: -4.7% https://www.dailyfx.com/economic-calendar#2019-10-15
Near-term Setups in AUD/USD and NZD/USD

Near-term Setups in AUD/USD and NZD/USD

2018-08-09 23:56:00
Michael Boutros, Technical Strategist

New to Forex? Get started with our Beginners Trading Guide!

AUD/USD Daily Price Chart

AUD/USD Daily Price Chart

In my Weekly Technical Perspective on the Australian Dollar we noted that, “From a trading standpoint, we’re looking for a break of the 7327-7505 range for further guidance. I’ll continue to favor the long-side while within this range but ultimately a breach above 7500 would be needed to suggest a more significant low is in place”

Aussie has continued to consolidate within this zone with price turning sharply from resistance today. As it stands, the pair is poised to post an outside-day reversal and leaves the immediate threat lower against today’s highs. That said, we’re still only playing within the broader range as price continues to coil- stay nimble. Intraday trading levels remain unchanged from this week’s AUD/USD Technical Outlook.

Learn the traits of a successful trader in our Free eBook!

NZD/USD 240min Price Chart

NZD/USD 240min Price Chart

Yesterday we highlighted a key weekly support zone in Kiwi at 6663 heading into the RBNZ interest rate decision – price has made a decisive break below this threshold and the break of a multi-week consolidation pattern leaves the pair vulnerable to further losses while below 6700. Look for a weekly close sub-6660 to offer further conviction here.

Price is testing interim support here at the 1.618% extension at 6616- could get a near-term rebound here but looking to fade strength sub-6675 targeting the 76.4% retracement / triangle measured move at 6515/71.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Find yourself getting trigger shy or missing opportunities? Learn how to build Confidence in Your Trading

-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com

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


News & Analysis at your fingertips.