Skip to Content
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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
AUD/USD Fails to Make Significant Progress as Price Ranges

AUD/USD Fails to Make Significant Progress as Price Ranges

Walker England, Forex Trading Instructor

Talking Points

The AUD/USD continues to consolidate today, after moving to new weekly lows late in Wednesdays trading. The weekly low for the AUD/USD currently resides at .7452, and this value comprises a key point of support for an ongoing trading range. Resistance has been noted in the graph below as the last swing high for July 19, found at a price of .757. As prices continue to range traders should continue to track short-term momentum, coupled with support and resistance, to pinpoint any future breakouts in price.

AUD/USD, 1 Hour Chart

(Created by Walker England)

In the graph below, we can see the AUD/USD moving on range resistance after a short-term uptrend. The Grid Sight Index has identified this short-term move higher by pinpointing a series of higher highs on the 3-minute chart. After considering 50,730,730 pricing points, GSI has also indicated that price action has advanced a minimum of eight pips in 42% of the 55 matching historical events. This places today’s first historical price distribution at .7513. A move to this point would be significant, as it would open the AUD/USD to breakout from the previously mentioned trading range.

Alternatively, traders may look for a retracement in price if price begin to turn back towards range support. The Grid Sight Index found prices declined 9 pips in 48% of the reviewed historical matches. A move through the first bearish distribution, found at .7496, would open the pair for further declines. It should be noted that prices only fell 33 pips, in only 3% of historical instances. This places today’s final bearish distribution at a price of .7472.

Want to learn more about GSI? Get started learning about the Index HERE.

AUD/USD 3 Minute GSI Chart

SSI for the AUD/USD is currently reading at +1.06. While 51% of positioning long, this neutral SSI reading is indicative of the current consolidating market. If the AUD/USD breaks lower, traders should look for SSI to read positive, and move towards an extreme of +2.0 or more. Alternatively, if the AUD/USD breaks above support, SSI may flip back to a negative reading.

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

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

Contact and Follow Walker on Twitter @WEnglandFX.

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