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.

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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The path for the Japanese Yen seems to favor the downside looking at a majors-based index. USD/JPY may rise within its Ascending Channel, but there is some scope for a healthy correction. Get your market update from @ddubrovskyFX here:https://t.co/7XFJiCYYEM https://t.co/KfLyB2t1jP
  • The British Pound’s recent slip lower against its major counterparts may prove short-lived. Key levels to watch for GBP/USD, GBP/JPY, GBP/CHF and EUR/GBP. Get your $GBP market update from @DanielGMoss here:https://t.co/Y48cF2qi9M https://t.co/ia3Bgq0ZTp
  • Senate Democrats reach deal on jobless aid -BBG
  • The US Dollar faces its next key tests against ASEAN FX following gains in USD/SGD, USD/IDR, USD/PHP and USD/THB. Are the breakouts losing momentum? Get your market update from @ddubrovskyFX here:https://t.co/joPnWIcxEN https://t.co/4QAlUyD98V
  • Heads Up:🇨🇳 National People's Congress due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-06
  • Positive vaccine progress, fiscal stimulus hopes and an unperturbed Federal Reserve may open the door for long-term Treasury yields to continue pressing higher, and in turn weigh on gold prices. Get your market update from @DanielGMoss here:https://t.co/TdGhZ82s8r https://t.co/w6YS6Gl11K
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.07% 🇨🇭CHF: -0.24% 🇳🇿NZD: -0.36% 🇬🇧GBP: -0.41% 🇪🇺EUR: -0.50% 🇦🇺AUD: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/EK7xQumFxO
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Gold: 0.21% Silver: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/P7gJseotDu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in GBP/JPY are at opposite extremes with 68.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/74GpZteOGK
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.15% France 40: 1.09% Germany 30: 0.92% Wall Street: 0.01% US 500: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/CjZTVpoYZr
AUD/USD Wave Relationships Suggest Support Nearby

AUD/USD Wave Relationships Suggest Support Nearby

Jeremy Wagner, CEWA-M, Head of Education

Talking Points

-Commodity currencies have been under pressure for the last few days

-AUD/USD poised to turn higher in wave 4 of 5

-Look for resistance 7860-7940 to anticipate the beginning of green wave 5

To receive future articles via email on trading ideas using equal waves, Elliott waves, and triangle patterns, click HERE and enter your email information.

Since the Bank of Canada came out with their surprise rate cut last week, the commodity currencies have been under pressure including AUDUSD.

Two weeks ago, we laid out 3 different wave counts with the favored count showing purple wave 4 resting place in the 8250-8300 range. Prices did reach the range and now appear to be falling in purple wave 5.

As we inspect the Elliott Wave pattern of this ending wave (purple wave 5), we look for five waves to subdivide inside of it. It appears we have just finished green wave 3 as there are three different wave relationships and a price channel suggesting support in the 7740-7795 price zone.

If this wave count is correct, prices may have one more up-down sequence to finish purple wave 5 (see idealized pattern below).

AUD/USD Wave Relationships Suggest Support Nearby

As a result, anticipate green wave 4 to bounce higher near 78-79 cents. If a reversal lower is successful near 79 cents, prices likely are to revisit the recent lows of 77 cents.

There are a couple of other possibilities we are keeping in mind. It is possible that green wave 5 and purple wave 5 are finishing now. A meaningful break above 80 cents will tip the hand to that count.

Also, continued movement lower without an upward retracement suggests that purple wave 5 continues to extend lower perhaps to 74 cents.

Other Recent Elliott Wave Counts:

USDCAD Extends Higher on Surprise Rate Cut (10 minute video)

Gold and a Bullish Elliott Wave Count (5 minute video)

Elliott Wave Analysis for EUR/GBP (6 minute video)

Not sure what an equal wave pattern is? Watch this 10 minute video.

Additional tools to identify levels and sentiment on AUDUSD:

Instant Support and Resistance Levels, a Simple Must_have Tool (article)

The DailyFX Plus Technical Analyzer (free registration required)

Speculative Sentiment Index (free registration required and provides access to the Technical Analyzer too)

-Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU

Follow me on Twitter at @JWagnerFXTrader .

See Jeremy’s recent articles at his DailyFX Forex Educators Bio Page.

This article uses Fibonacci ratios to follow a variety of patterns including Elliott Wave. To learn more about Fibonacci ratios, register to take this free 20 minute on demand course. Register here.

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

DISCLOSURES