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. See our updated Privacy Policy here.

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
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
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
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads up traders! Will be covering the #Euro in the aftermath of last week's #Fed and incoming US PCE data and the BoE later this week, looking at retail trader positioning $EURUSD $EURGBP Starting the session in about 10min, signup below! https://t.co/N2qpEMbpBv
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQip9B3r https://t.co/Bp8J3szHKq
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-22
  • The US Dollar may gain versus ASEAN currencies like the Singapore Dollar, Thai Baht and Philippine Peso after the Fed projected 2 rate hikes by the end of 2023. All eyes on US PCE data. Get your market update from @ddubrovskyFX here:https://t.co/LaLVW8FFHI https://t.co/W7AHAcuZbO
  • 5 out of 9 Dow Jones sectors ended higher, with 43.3% of the index’s constituents closing in the green. Consumer discretionary (+1.27%) and materials (+0.62%) outperformed, whereas industrials (-0.25%) and communication services (-0.21%) trailed behind. https://t.co/iBLgt4PcYc
  • 🇦🇺 Markit Manufacturing PMI Flash (JUN) Actual: 58.4 Previous: 60.4 https://www.dailyfx.com/economic-calendar#2021-06-22
  • 🇦🇺 Markit Services PMI Flash (JUN) Actual: 56 Previous: 58.0 https://www.dailyfx.com/economic-calendar#2021-06-22
  • Heads Up:🇦🇺 Markit Manufacturing PMI Flash (JUN) due at 23:00 GMT (15min) Previous: 60.4 https://www.dailyfx.com/economic-calendar#2021-06-22
  • Heads Up:🇦🇺 Markit Services PMI Flash (JUN) due at 23:00 GMT (15min) Previous: 58.0 https://www.dailyfx.com/economic-calendar#2021-06-22
  • Increased rate bets following June's FOMC rate decision roiled markets, including commodities. Crude oil received a boost on Iran's election, while gold and copper look to incoming inflation data out of the US. Get your market update from @FxWestwater here:https://t.co/3zlDk5ITnw https://t.co/XQfFLxf4Kq
AUD/USD Moves to Resistance Ahead of News

AUD/USD Moves to Resistance Ahead of News

Walker England, Forex Trading Instructor

Talking Points

  • The AUD/USD Tests Resistance Ahead of U. Michigan Confidence Survey
  • Bullish Breakouts Begin Above .7757
  • SSI Remains Negative, Reading at -1.62

AUD/USD 30 Minute Chart

AUD/USD Moves to Resistance Ahead of News

(Created using Marketscope 2.0 Charts)

What’s next for the US Dollar? Click HERE for our analysts Free forecast!

The AUD/USD is trading higher this morning, as markets await today’s University of Michigan confidence survey. This survey is designed to measure consumer purchasing power and is typically indicative of the current economic conditions in the United States. Today’s data is set to be released at 14:00 GMT with expectations set at a reading of 92.0. As this high importance event has the ability to affect US Dollar based pairs, traders should continue to monitor market conditions and volatility by referencing key technical values.

Traders should note that the AUD/USD is currently trading at the R3 Camarilla pivot, which is displayed above at a price of .7725. This point marks the top of today’s pivot trading range. In the event that prices turn from this point, traders will begin looking for the AUD/USD to first approach range support. This value is found at .7660, and is represented by the S3 pivot above. If prices reach the S3, but fail to breakout lower, traders may again look for price action to traverse today’s 65 pip range.

With a pending high important news event on the calendar, traders may also begin preparing for a breakout. Today, bullish breakouts begin over the R4 pivot found at .7757. Alternatively, bearish breakouts begin below the S4 pivot at .7628.In either breakout scenario, traders may find initial targets by extrapolating a 1X extension of the previously mentioned 65 pip trading range. This places bullish and bearish targets at .7822 and .7563 respectfully.

Why and how do we use SSI in trading? View our video and download the free indicator here

SSI (speculative sentiment index) for the AUD/USD is currently reading at -1.62. While this value is not extreme, this negative reading suggests a bullish bias for the pair. In the event of a bullish breakout, traders should look for SSI to move towards a negative extreme of -2.0 or more. Conversely, in the event of a bearish reversal, traders should look for SSI to return towards more neutral values.

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

See Walker’s most recent articles at his Bio Page.

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required]

.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES