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 Rebound to Face Australian GDP- Resistance at the Yearly Open

AUD/USD Rebound to Face Australian GDP- Resistance at the Yearly Open

Michael Boutros,

Talking Points

  • AUDUSD shorts at risk ahead of Australian GDP release
  • Updated targets & invalidation

AUDUSD 30min

Chart prepared by Michael Boutros

Technical Outlook: Aussie is trading within the confines of an ascending pitchfork formation with the overnight rally failing at the 50-line (red) before pulling back into the median-line extending off the lows. We mapped out these levels in today’s webinar on SB Trade Desk and we’ll be looking for a pullback to offer long-scalp entries. Interim support rests at 7211 backed by the lower median-line parallel and the weekly open at 7175 (near-term bullish invalidation).

Keep in mind the broader outlook remains weighted to the downside and ultimately we would be looking to sell a more meaningful recovery. Interim resistance stands at 7250/53 (200-day moving average) backed by the 2016 yearly open at 7282. A breach above this level is needed to validate near-term reversal with such a scenario targeting 7307 & October high-day close at 7360. From a trading standpoint, I would be looking for a dip into near-term support to fade on the data release. Be mindful of thin liquidity conditions heading into the month close/open. We’ll be continuing to track this pair and other USD setups this week on SB Trade Desk.

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

  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders remain net long AUDUSD- the ratio stands at +1.66 (62% of traders are long)-bearishreading
  • Yesterday the ratio was +2.01 (67% of open positions were long); Long positions are 9.5% lower than yesterday and 6.4% below levels seen last week
  • 3.1% lower than yesterday and 6.7% above its monthly average
  • Although SSI remains net-long, the recent pullback in open long positions suggests that the immediate short-bias remains at risk heading into the release.

Relevant Data Releases This Week

Other Setups in Play:

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

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

Follow Michaelon Twitter @MBForex contact him at or Click Here 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.