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
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.65% 🇳🇿NZD: 0.58% 🇨🇦CAD: 0.39% 🇬🇧GBP: 0.13% 🇨🇭CHF: 0.03% 🇯🇵JPY: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3ngNFGV4CH
  • Heads Up:🇮🇩 Interest Rate Decision due at 07:30 GMT (15min) Expected: 3.5% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2021-04-20
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.13% US 500: 0.08% Germany 30: -0.16% France 40: -0.19% FTSE 100: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/cmd7UutJDY
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/bg5cVcLvvW
  • (Commodities) Gold Prices Seesaw as US Dollar, Treasury Yields Diverge Before Netflix Earnings #Gold #XAUUSD #USD #Bonds https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/04/20/Gold-Prices-Seesaw-as-US-Dollar-Treasury-Yields-Diverge-Before-Netflix-Earnings.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/aYDFImOCGw
  • 🇬🇧 Claimant Count Change (MAR) Actual: 10.1K Previous: 86.6K https://www.dailyfx.com/economic-calendar#2021-04-20
  • 🇬🇧 Average Earnings incl. Bonus (FEB) Actual: 4.5% Expected: 4.8% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2021-04-20
  • 🇬🇧 Employment Change (JAN) Actual: -73K Expected: -150K Previous: -147K https://www.dailyfx.com/economic-calendar#2021-04-20
  • 🇬🇧 Unemployment Rate (FEB) Actual: 4.9% Expected: 5.1% Previous: 5% https://www.dailyfx.com/economic-calendar#2021-04-20
  • Heads Up:🇬🇧 Claimant Count Change (MAR) due at 06:00 GMT (15min) Previous: 86.6K https://www.dailyfx.com/economic-calendar#2021-04-20
AUDUSD Opening Range Break Pending Ahead of Aussie Employment Data

AUDUSD Opening Range Break Pending Ahead of Aussie Employment Data

Michael Boutros, Strategist

Talking Points

AUDUSD Daily

AUDUSD Opening Range Break Pending Ahead of Aussie Employment Data

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: AUDUSD rebounded sharply off confluence support at 6985 earlier this month with the rally now extending into resistance at the 61.8% retracement of the 2001-2011 advance at 7177. The weekly opening range has taken shape just below this level and we’ll be looking for a break of this range to validate our directional bias with a general long-bias favored while above 7034 (bullish invalidation).

A breach of the highs eyes more critical resistance targets into 7271/81 where the 1.618% extension of the advance converges on the 2016 open & a pair of median-line extending off the 2015 lows. Note that over the next few days the 200-day moving average will also be sliding into this range.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders” series.

AUDUSD 30min

AUDUSD Opening Range Break Pending Ahead of Aussie Employment Data

Notes: A clean weekly opening range is set between the 38.2% retracement at 7083 & the 7171/77 resistance confluence. We’ll be looking to buy pullbacks / long triggers while within this channel off the January lows with a breach higher targeting trendline resistance extending off the Decemeber high (~7210/15) backed by the monthly high at 7242 & key resistance at 7265/71.

Interim support rests at 7127 & 7083 with our near-term bullish invalidation level set at 7034/37. A break sub-6985 would be needed to put the broader short-bias back in play. A quarter of the daily average true range yields profit targets of 25-28pips per scalp. Added caution is warranted heading into Australian employement data later this evening & US CPI numbers on Friday with the releases likely to fuel volatility in AUD & USD crosses.

Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Check out SSI to see how retail crowds are positioned as well as open interest heading into February trade.

Get DailyFX’s Top Trading Opportunities of 2016 Here

Relevant Data Releases

AUDUSD Opening Range Break Pending Ahead of Aussie Employment Data

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

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

DISCLOSURES