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
Oil - US Crude
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
More View more
Real Time News
  • The S&P 500 and Dow Jones could remain biased higher now that retail investors are back to aggressively shorting them. But, will recent shifts in sentiment materially change the broader outlook? Find out from @ddubrovskyFX here:https://t.co/RPirU4f4sp https://t.co/mY3CcB8c3q
  • Heads Up:🇯🇵 Retail Sales YoY (JUN) due at 23:50 GMT (15min) Expected: 0.2% Previous: 8.2% https://www.dailyfx.com/economic-calendar#2021-07-29
  • Heads Up:🇯🇵 Industrial Production YoY Prel (JUN) due at 23:50 GMT (15min) Previous: 21.1% https://www.dailyfx.com/economic-calendar#2021-07-29
  • 🇯🇵 Unemployment Rate (JUN) Actual: 2.9% Expected: 3% Previous: 3% https://www.dailyfx.com/economic-calendar#2021-07-29
  • The British Pound could remain vulnerable against the US Dollar while perhaps looking to push higher against the Australian Dollar, Canadian Dollar and New Zealand Dollar.Get your market update from @ddubrovskyFX here:https://t.co/9iZa4oE4WQ https://t.co/fT1DNXph5D
  • Heads Up:🇯🇵 Unemployment Rate (JUN) due at 23:30 GMT (15min) Expected: 3% Previous: 3% https://www.dailyfx.com/economic-calendar#2021-07-29
  • RT @KyleR_IG: Reasonably punchy move in $amzn shares in post market trade. https://t.co/E3paeY1rk6 https://t.co/VqgyRTRXY1
  • 🇳🇿 Building Permits MoM (JUN) Actual: 3.8% Previous: -2.4% https://www.dailyfx.com/economic-calendar#2021-07-29
  • Heads Up:🇳🇿 Building Permits MoM (JUN) due at 22:45 GMT (15min) Previous: -2.8% https://www.dailyfx.com/economic-calendar#2021-07-29
  • Bitcoin Price to Boost Coinbase as Robinhood IPO Flops $BTCUSD has propelled higher this week. With crypto outlook sanguine again, $COIN has potential to outperform $HOOD following its weak trading debut. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/bitcoin-price-to-boost-coinbase-coin-as-robinhood-ipo-hood-flops.html https://t.co/cR8w1neoT5
AUD/USD Pullback Targets Near-term Support Ahead of FOMC, Aussie Jobs

AUD/USD Pullback Targets Near-term Support Ahead of FOMC, Aussie Jobs

Michael Boutros, Strategist

Talking Points

  • AUD/USD Reverses off resistance at 7590
  • Immediate focus lower- broader bullish invalidation 7381-7411.
  • Updated targets & invalidation levels

AUDUSD Daily

AUD/USD Pullback Targets Near-term Support Ahead of FOMC, Aussie Jobs

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: AUDUSD turned from the April low-day close yesterday at 7590 with a turn in momentum shifting our near-term focus lower in the pair. Interim confluence support rests at the basic 23.6% retracement of the 2016 range and the “50” line of the ascending median-line formation at 7411. With that said, the immediate short-bias stands at risk as the exchange rate approaches this threshold- We’d be looking for long triggers on a move into this region with a break lower risking a drop into the median-line extending off the 2015 low.

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

AUDUSD 30min

AUD/USD Pullback Targets Near-term Support Ahead of FOMC, Aussie Jobs

Notes: Interim support rests at 7442 backed by 7407 & our bullish invalidation level at 7381/86. A break below this level keeps the immeidate shoert-bias in play but watch out- theres some key levels lower down which could offer strong support- the October high-day close at 7360, the December high-day close at 7328 & the 2016 open at 7282.

Interim resistance now stands at 7481/89 backed by the weekly open at 7540. A breach above the weekly opening range high at 7592 puts the long-bias back on track targeting more a more significant resistance confluence at 7644/51 where the 61.8% retracement of the decline off the May high converges on the 1.618% extension of the advance off the 2016 low.

A quarter of the daily average true range (ATR) yields profit targets of 22-26 pips per scalp. Added caution is warranted heading into key event risk this week with the FOMC interest rate decision and the Australian employment report likely to fuel volatility in the USD & AUD 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 March trade.

Looking for trade ideas? Review DailyFX’s Top Trading Opportunity of 2016

Relevant Data Releases

AUD/USD Pullback Targets Near-term Support Ahead of FOMC, Aussie Jobs

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 Desk at 12:30 GMT (8:30ET)

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

DISCLOSURES