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
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
GBP/USD
Bullish
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
Bullish
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
Mixed
More View more
Real Time News
  • At present, the Dow is sporting the smallest three-day ATR (average daily range) since July 30. Has good historical comparison to previous consolidation before reversal periods https://t.co/dSUOw5VVmB
  • RT @Nadex: Join @DailyFX, @IG_US, and us for an exclusive evening of in-depth analysis with the legendary technical investor John Bollinger…
  • The trio of safe-haven currencies continue to lead the way among the $EUR-crosses month-to-date: EUR/JPY is up by 2.48%; EUR/USD has added 1.98%; and EUR/CHF has gained 1.24%. Get your market update from @CVecchioFX here:https://t.co/3AHlQT4zwY https://t.co/yzDD8ujej9
  • Brexit extensions length still being talked about between EU27 envoys with France preferring a shorter timetable compared to most according to EU official $EUR $GBP
  • Gold, USD, USD/JPY Ahead of FOMC: Will the Fed Deliver Another Cut?https://www.dailyfx.com/forex/fundamental/article/drivers_of_price_action/2019/10/23/gold-usd-usd-jpy-ahead-of-fomc-will-the-fed-deliver-another-rate-cut-js53-gold-price.html https://t.co/T1KJdgYvpC
  • EU27 Government Envoys backed Brexit extension unanimously according to EU Diplomat -BBG
  • EU27 ambassadors will meet this Friday to discuss Brexit extension request, 3 month delay most likely scenario according to EU Diplomats $GBP $EUR
  • US 5-Year Notes Draw 1.570% Primary Dealers Awarded: 22.8% Direct Bidders Awarded: 11.5% Indirect Bidders Awarded: 65.7% B/C Ratio: 2.41
  • French President Macron demands November 15 Brexit deadline - Telegraph
  • The $USD is rebounding off near-term downtrend support and we’re on the lookout for exhaustion just higher. Get your technical analysis from @MBForex here: https://t.co/FjOUltTgHq https://t.co/0IrCaApcTV
Trading Outlook for AUDUSD (Bearish) and USDCAD (Bullish)

Trading Outlook for AUDUSD (Bearish) and USDCAD (Bullish)

2019-03-28 08:58:00
Paul Robinson, Currency Strategist
Share:

Struggling right now? It happens to the best. Check out these four core ideas to help boost your Confidence as a Trader.

AUDUSD resistance keeps it in check, looking lower

AUDUSD reversed off trend-line resistance last week, posting a weekly reversal. Early this week it tested that reversal but once again found sellers at resistance. Ultimately, as long as Aussie stays below the trend-line and 7168 the outlook is at best neutral.

Looking lower, to help give the downside some traction a lower-low on the 4-hr will be needed. A drop through the March 25 low should do the trick, as well as break the slope since March 14 that has been helping keep Aussie afloat.

The drop lower might not be sharp before a bounce develops, though, as a the low at 7003 and underside trend-line about 30 pips beyond there show up. For short-term traders this still provides some room to operate with. If support is met, giving it a chance to break may be a prudent play, but if a bounce starts to develop then taking a neutral stance at that juncture may serve best.

Looking for Trading Forecasts and Education to assist you in your trading? We’ve got you covered on the DailyFX Trading Guides page.

AUDUSD Daily Chart (t-line resistance)

AUDUSD daily chart, t-line resistance

AUDUSD 4-hr Chart (breakdown looks near)

AUDUSD 4-hr chart, breakdown looks near

USDCAD bias remains to the upside

I looked at USDCAD back on the 18th when it was trading around the neckline of the inverse head-and-shoulders pattern and noted that one more kick lower to test the neckline could be enough to set it in motion higher. Indeed, the following day we go such price action.

The move higher has been solid so far, with more upside looking to be in the cards soon. Trade above 13467 should have in play the trend-lines from January 2016 and May 2017 along with the high from Dec 31. Look to the trend-line off the late-Feb low as support. If that breaks, then the outlook could turn south quickly.

USDCAD Daily Chart (Looking for more above monthly high)

USDCAD daily chart, looking for a move above the monthly high

***Updates will be provided on these ideas and others in the trading/technical outlook webinars held on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES

News & Analysis at your fingertips.