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
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
  • USD/CAD struggles to retain the advance from the February low (1.2468) as Federal Reserve officials show little interest in adjusting the path for monetary policy. Get your $USDCAD market update from @DavidJSong here:https://t.co/2QkWThxkgQ https://t.co/WNqR0fDPva
  • Fed's Evans: - Optimistic about recovery - Expects unemployment to be closer to 5% by end of 2021 #Fed $USD
  • Mid-Week Market Check Up- $USD, $EURUSD, $USDCAD, #Gold, #Silver, $SPX & #Bitcoin and More! (Webinar Archive)- https://t.co/YA8stRdhgx
  • Fed's Evans: - 2021 should deliver a strong economic rebound - Fiscal support will be very helpful - There is still quite a gap in employment - Headline unemployment rate masks lots of people still on sidelines #Fed $USD
  • EU says UK is in "clear departure" from "constructive approach" - BBG.
  • EU says UK is violating its obligations under N.I. protocol. $EUR $GBP
  • The US Dollar remains strong but is trading lower than yesterday's multi-week highs. The $DXY tested the 91.00 level today ahead of the ISM Services print but traded lower after the print noted a slowing of activity in February. $USD https://t.co/o4l1Ir70lK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in Germany 30 are at opposite extremes with 65.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/32ozAOnK2x
  • Heads Up:🇺🇸 Fed Evans Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-03
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.20% Gold: -1.26% Silver: -1.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pZdvB2KyPb
AUD/USD: RBA Minutes, Fed Testimony to Offer Long Entries

AUD/USD: RBA Minutes, Fed Testimony to Offer Long Entries

Michael Boutros, Strategist

Talking Points

  • AUD/USD rally to face RBA minutes, Fed Testimony
  • Updated targets & invalidation levels

AUDUSD 30min

AUD/USD: RBA Minutes, Fed Testimony to Offer Long Entries

Chart prepared by Michael Boutros

Technical Outlook: Aussie continues to trade within the confines of an ascending median-line formation off the May lows with the pair gaping higher into the Sunday open. Heading into tonight’s release of the RBA minutes, our outlook remains weighted to the topside while within this formation. Look for initial support at 7405/07 with our bullish invalidation at 7360- a level defined by the 6/3 reversal-day close and the October high-day close.

Topside targets are eyed at 7489-7503 backed by a sliding parallel and the key 61.8% retracement of the April decline at 7570. Subsequent topside objectives are seen at the April low-day close at 7590 and the 78.6% retracement at 7686. From a trading standpoint, I would be looking for weakness to settle near slope support to offer long-entries while above 7360. If Aussie is going to rally, we should see more rigid support come into play.

Keep in mind we also have the start of the Fed’s semi-annual Humphrey Hawkins testimony before congress which could spur added volatility in the USD crosses. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Deskand take advantage of the DailyFX New Subscriber Discount.

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

AUD/USD: RBA Minutes, Fed Testimony to Offer Long Entries
  • A summary of the DailyFX Speculative Sentiment Index (SSI)shows traders are net long AUDUSD- the ratio stands at +1.10(52% of traders are long)-weak bearishreading
  • Yesterday the ratio was +1.28; Long positions are 1.7% lower than yesterday and 13.1% below levels seen last week
  • Traders have turned (and have remained) net-long since June 9th – (day of the monthly high)
  • Open interest is 5.4% lower than yesterday and 16.4% below its monthly average
  • Although SSI metrics put a bearish tone on the pair, the recent pullback in long-positioningleaves the short-bias at risk into the upcoming event risk

Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)

Relevant Data Releases This Week

AUD/USD: RBA Minutes, Fed Testimony to Offer Long Entries

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 mboutros@dailyfx.com 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.

DISCLOSURES