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
Wall Street
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
  • RT @michaeljburry: Read thread.
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out:
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:
  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
AUD/USD in Correction- 7590 Key Resistance

AUD/USD in Correction- 7590 Key Resistance

Michael Boutros, Strategist

Talking Points

  • AUDUSD reverses off key resistance- Broader bias remains constructive
  • Immediate focus is lower- drop to offer favorable entries
  • Updated targets & invalidation levels


AUD/USD in Correction- 7590 Key Resistance

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: AUDUSD is correcting off key confluence resistance tested last week at 7644/52. This region is defined by the 1.618% extension of the advance off the 2016 low, the 61.8% retracement of the May decline and a sliding parallel of the operative slope extending off the October high. The pair came into near-term confluence support in Asia last night at 7478/81 and although we’re likely to see some recovery off this mark, we’ll be looking for another low heading into next week to offer more favorable long entries on a resumption of the broader uptrend.

Resistance & bearish invalidation stands at the April low-day close at 7590 with a break of the lows targeting the August high at 7438- note that this level converges on the 50-line heading into next week and we’ll be on the lookout for long-triggers into this region.

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

USDCAD 30min

AUD/USD in Correction- 7590 Key Resistance

Notes: Momentum divergence into confluence support shifted the immediate bias higher targeting the median-line of the embeded pitchfork which converges on the 38.2% retracement of this week’s range at 7542. A breach above this region keeps the immediate topside bias in play targeting the upper median-line parallel / bullish invalidation at 7583/90. A break lower tatgerts 7438 – a level if broke would suggest a much more significant correction lower is underway.

A quarter of the daily average true range (ATR) yields profit targets of 24-26 pips per scalp. Event risk is limited ahead of the weekend with U.S. Personal Consumption Expenditure, Consumer Confidence & the highly anticipated Non-Farm Payroll reports on tap next week. Added caution is warranted heading into the close month / quarter as we’re likely to see some added intraday volatility. 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 in Correction- 7590 Key Resistance

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at 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.