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
Bearish
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
Wall Street
Bullish
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
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Dogecoin dropped roughly 17% after reaching an all-time high yesterday. Next up for Doge – Elon Musk’s SNL debut on May 8th. Get your market update from @RichardSnowFX here:https://t.co/6fGEahgeoQ https://t.co/V5pglrSUxI
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 86.91%, while traders in France 40 are at opposite extremes with 75.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SAHpCwJ522
  • Heads Up:🇺🇸 Fed Mester Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-06
  • Heads Up:🇺🇸 Fed Bostic Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-06
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 3.41% Gold: 1.60% Oil - US Crude: -1.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/iDYgL8DuYX
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.60% 🇨🇭CHF: 0.42% 🇪🇺EUR: 0.38% 🇳🇿NZD: 0.07% 🇯🇵JPY: 0.07% 🇬🇧GBP: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FjanFfWVE9
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.49% US 500: 0.27% Germany 30: 0.26% France 40: 0.21% FTSE 100: 0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jU8pwdzPYc
  • EUR/USD holding proven support level. Pullback may be over, but hurdles yet to cross. Get your $EURUSD market update from @PaulRobinsonFX here:https://t.co/v06OWd3Vqp https://t.co/acFOm0Jtq9
  • The price of oil pulls back from a fresh monthly high ($66.76) despite a larger-than-expected contraction in US inventories. Get your market update from @DavidJSong here: https://t.co/uxLol8LbDH https://t.co/7pcNZa2kSC
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.61% 🇨🇭CHF: 0.53% 🇪🇺EUR: 0.50% 🇯🇵JPY: 0.12% 🇳🇿NZD: -0.02% 🇬🇧GBP: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/G1tbmnQXlH
AUD/NZD Correction Underway Ahead of RBA- Look to Buy the Dip

AUD/NZD Correction Underway Ahead of RBA- Look to Buy the Dip

Michael Boutros, Strategist
  • AUD/NZD in correction- move to offer favorable long-entries
  • Updated targets & invalidation levels

AUDNZD Daily

AUD/NZD Correction Underway Ahead of RBA- Look to Buy the Dip

Chart Created Using TradingView

Broader Technical Outlook: AUDNZD broke out of a multi-month descending median-line formation on building bullish divergence earlier in the month with the pair rallying into parallel resistance extending off the October 2015 low. Note that the slope of this trendline is identical to the original slope highlighted last year extending off the 2014 low with a parallel extending off the 2015 low capping the decline in early July trade.

The pair looks poised to mark an outside-day candle today after yet another failed attempt at a topside breach. The immediate focus is lower while below the yearly open at 1.0662 with a decline likely to offer more favorable long-entries. For now, I’m working under the assumption that the pair may have put in a more significant low this month. The trade remains constructive while above 1.0541 backed broader bullish invalidation at 1.0495. A breach of the highs eyes subsequent resistance objectives at the 200-day moving average ~1.0790, 1.0825 & the 61.8% retracement of the 2016 range at 1.09425.

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

AUDNZD 30min

AUD/NZD Correction Underway Ahead of RBA- Look to Buy the Dip

Notes: AUDNZD is trading within the confines of a well-defined descending median-line formation off last week’s highs with the pair now testing a near-term support confluence at 1.0593/96. Initial resistance stands with the 50-line with the near-term focus weighted to the downside while below the upper parallel / 1.0662.

A break lower targets subsequent support objectives into 1.0542 & 1.0487/95 – both levels of interest for poossible exhaustion / long-entries. A quarter of the daily average true range (ATR) yields profit targets of 25-28pips per scalp. Added caution is warranted heading into the close of the week / month as market flows can often times fuel some pretty radical price action. Keep in mind the RBA interest rate decision on tap early next week. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.

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

Relevant Data Releases

AUD/NZD Correction Underway Ahead of RBA- Look to Buy the Dip

Other Setups in Play:

Looking for trade ideas? Review DailyFX’s 2016 3Q Projections

---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