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
EUR/USD
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bearish
More View more
Real Time News
  • Heads Up:🇪🇺 EUR German Gross Domestic Product w.d.a. (YoY) (4Q F) due at 07:00 GMT (15min), Actual: N/A Expected: 0.4% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2020-02-25
  • Heads Up:🇪🇺 EUR German Gross Domestic Product n.s.a. (YoY) (4Q F) due at 07:00 GMT (15min), Actual: N/A Expected: 0.3% Previous: 0.3% https://www.dailyfx.com/economic-calendar#2020-02-25
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/QA2fOFIODL
  • RT @Rob_Hager: Probability of 3 Fed Rate Cuts In 2020 - ⁦@SoberLook⁩ @Bloomberg https://t.co/UgNip6M5gH
  • The US Dollar may rise against the Malaysian #Ringgit after Prime Minister Mahathir Mohamad resigned. Bank of #Malaysia may cut rates on #coronavirus fears with fiscal stimulus uncertain #USD $USDMYR - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/25/US-Dollar-USDMYR-Outlook-Malaysia-Eyes-Coronavirus-Political-Risks.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/MMfqAAhnAP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.67%, while traders in USD/CAD are at opposite extremes with 70.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/44UzibakR0
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.12% 🇬🇧GBP: 0.10% 🇪🇺EUR: 0.06% 🇳🇿NZD: -0.01% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zqLhZsBtvr
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: US 500: 0.87% Wall Street: 0.81% Germany 30: 0.73% France 40: 0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/apOv16dKUW
  • Asia Pacific Equities Update: Nikkei 225 (-3.17%), Shanghai Composite (-2.00%), KOSPI (+1.05%), ASX 200 (-1.60%) [delayed]
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/bnCFdQRxHu
Near-term Trade Setups in USD/CAD and AUD/USD

Near-term Trade Setups in USD/CAD and AUD/USD

2019-01-07 18:37:00
Michael Boutros, Technical Strategist
Share:

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

USD/CAD Daily Price Chart

USD/CAD Daily Price Chart

In last week’s USD/CAD Price Outlook we highlighted that the rally was, “vulnerable near-term while below 1.3685. From a trading standpoint, I’ll favor fading weakness while below this region targeting a move towards the lower parallel.” The subsequent breakdown has taken price below the October parallel and a close at these levels would keep the focus lower sub-1.3435.

Initial support rests at 1.3290 backed by the 61.8% line of the ascending pitchfork (currently ~1.3260s) and the 50% retracement at 1.3224- Look for a larger reaction there if reached. Review this week’s Strategy Webinar for an in-depth breakdown of this USD/CAD trade setup and more.

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

AUD/USD Daily Price Chart

AUD/USD Daily Price Chart

Aussie posted an outside weekly reversal off basic channel support last week on building momentum divergence. The move keeps the focus higher for now while above the low-day close at 7005. Initial resistance stands at 7146 backed by the 100-day moving average and 7255/75- a breach / close above this level is needed to suggest a more significant low may have been registered last week. For now, looking for a decent set-back to offer favorable entries. I’ll publish an updated AUD/USD Technical Outlook once we get further clarity on near-term price action.

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

AUD/USD Trader Sentiment

AUD/USD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long AUD/USD - the ratio stands at +1.59 (61.4% of traders are long) – bearishreading
  • Traders have remained net-long since December 4th; price has moved 2.4% lower since then
  • Long positions are9.7% higher than yesterday and 24.5% lower from last week
  • Short positions are 21.0% higher than yesterday and 60.7% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUD/USD prices may continue to fall. Yet traders are less net-long than yesterday & compared with last week and the recent changes in sentiment warn that the current AUD/USD price trend may soon reverse higher despite the fact traders remain net-long.

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

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

DISCLOSURES

News & Analysis at your fingertips.