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
Mixed
USD/JPY
Bearish
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • Uncertainty about #Brexit will continue to pull the British Pound in all directions and the uncertainty from the EU-UK divorce may pressure the Swedish krona and Norwegian Krone in the week ahead. Get your market update from @ZabelinDimitri here: https://t.co/zew13uwntu https://t.co/gTZaov4iDt
  • LIVE IN 30 MIN: Join Senior Strategist @IlyaSpivak as he discusses the technical and fundamental AUD/USD outlook for the week ahead. Register here: https://www.dailyfx.com/webinars/378612179?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Chinese Vice Foreign Minister says the Chinese economy is a source of confidence for the international community and that the world needs openness, not decoupling or another cold war
  • #PBOC injects 250B Yuan in open market operations, the largest amount since May. -BBG #CNY
  • The #AUD and #NZD are uniformly up vs #JPY and #CHF which are down indicating a pro risk tilt.
  • Join @IlyaSpivak 's #webinar at 10:00 PM ET/2:00 AM GMT to prepare for the week ahead in trading the $AUDUSD Register here: https://t.co/sZNWPVRHA0 https://t.co/TLJVgV1iLq
  • RT @lisaabramowicz1: Third-quarter earnings have been beating estimates at a near record pace so far, yet Wall Street analysts are still st…
  • (CORR) •(SGD) presents a unique undertaking for traders •It is guided by the MAS, which manages the exchange rate •Learn the principals of developing an SGD fundamental forecast to trade #USDSGD from Analyst @ddubrovskyFX here: https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • $USD weakness failed to translate into uniform #ASEAN FX strength. The path for a US-China trade deal carries uncertainties. SGD, MYR eye CPI data as IDR looks to a rate cut. Get your market update from @ddubrovskyFX here:https://t.co/ggvTHD1hlF https://t.co/JJxpkzzoWq
  • - #USDKRW has broken 8-month rising support; what next? - Weekly chart shows pair is challenging critical 2018 floor - Longer-term outlook suggests bearish reversal is evolving https://www.dailyfx.com/forex/technical/article/special_report/2019/10/22/US-Dollar-Forecast-USDKRW-Challenging-2018-Rising-Support.html?CHID=9&QPID=917705 https://t.co/TBXv3rXWkv
AUD/USD Trades To Channel Support

AUD/USD Trades To Channel Support

2016-11-16 14:25:00
Walker England, Forex Trading Instructor
Share:

Market Condition: AUD/USD Channel Consolidation

Target 1: Mid Channel 159 Pips

Target 2:Full Channel 318 Pips

AUD/USD Daily Channel

AUD/USD Trades To Channel Support

(Created Using TradingView Charts)

The AUD/USD is trading at the bottom of an ascending price channel. This channel, as displayed above, has been created by first connecting the August 11th high at .7759 with the current November high of .7778. Then a parallel line was drawn connecting a series of lows. This includes the September low of .7442 and today’s low at .7460. If prices remains supported above the channel low, it may suggest that prices may bounce back towards the resistance line. Traders looking for a bounce here, may initially target half the distance of the channel, or 159 pips. Secondary targets include a move to the previous high of .7778, and then to test the ascending trendline above.

Traders should consider that the AUD/USD may break lower under support. In this scenario, a bearish breakout would invalidate the above pricing channel. As such, traders may look to manage risk below the September low of .7742.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

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

DISCLOSURES

News & Analysis at your fingertips.