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
EUR/USD
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
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
Wall Street
Mixed
Gold
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/cLrTN3ezxf
  • 🇬🇧 Markit/CIPS UK Services PMI Flash (OCT) Actual: 52.3 Expected: 54 Previous: 56.1 https://www.dailyfx.com/economic-calendar#2020-10-23
  • 🇬🇧 Markit/CIPS Composite PMI Flash (OCT) Actual: 52.9 Expected: 53.9 Previous: 56.5 https://www.dailyfx.com/economic-calendar#2020-10-23
  • 🇬🇧 Markit/CIPS Manufacturing PMI Flash (OCT) Actual: 53.3 Expected: 53.1 Previous: 54.1 https://www.dailyfx.com/economic-calendar#2020-10-23
  • Heads Up:🇬🇧 Markit/CIPS Composite PMI Flash (OCT) due at 08:30 GMT (15min) Expected: 53.9 Previous: 56.5 https://www.dailyfx.com/economic-calendar#2020-10-23
  • Heads Up:🇬🇧 Markit/CIPS UK Services PMI Flash (OCT) due at 08:30 GMT (15min) Expected: 54 Previous: 56.1 https://www.dailyfx.com/economic-calendar#2020-10-23
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Flash (OCT) due at 08:30 GMT (15min) Expected: 53.1 Previous: 54.1 https://www.dailyfx.com/economic-calendar#2020-10-23
  • 🇵🇱 Unemployment Rate (SEP) Actual: 6.1% Expected: 6.1% Previous: 6.1% https://www.dailyfx.com/economic-calendar#2020-10-23
  • 💶 Markit Manufacturing PMI Flash (OCT) Actual: 54.4 Expected: 53.1 Previous: 53.7 https://www.dailyfx.com/economic-calendar#2020-10-23
  • 💶 Markit Composite PMI Flash (OCT) Actual: 49.4 Expected: 49.3 Previous: 50.4 https://www.dailyfx.com/economic-calendar#2020-10-23
AUD/USD Remains Constructive Above 7511 Heading into RBA

AUD/USD Remains Constructive Above 7511 Heading into RBA

2016-10-31 17:38:00
Michael Boutros, Strategist
Share:

Talking Points

  • AUDUSD vulnerable heading into RBA- Shorts at risk above 7511
  • RBA expected to stand pat on monetary policy
  • Updated targets & invalidation levels

AUD/USD 120min

AUD/USD 120min Chart

Chart Created Using TradingView

Technical Outlook: Friday’s sell-off rebounded off confluence support at 7554/60 with the exchange rate holding below the 50-line of the descending pitchfork formation extending off the late September & October highs. The focus is on this range heading into the RBA interest rate decision tonight and from a trading standpoint, Aussie looks like it’s trying to make a low and I’ll favor fading weakness in the pair with 7554 & 7511 areas of interest for near-term exhaustion / long-entries.

A topside breach above 7625 targets the monthly open / 61.8% retracement at 7651 backed closely by confluence resistance into 7676/80- A breach / close above this level is needed to validate a more prominent breakout targeting the 2016 high-day close at 7735 & 7756.

AUD/USD SSI
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net long AUDUSD- the ratio stands at +1.26 (56% of traders are long)- weak bearish reading
  • Long positions are 15.7% above levels seen last week while short positions are 9.4% lower over the same time period.
  • Open interest remains subdued at 0.9% below its monthly average
  • The current dynamic suggests that the near-term risk remains weighted to the downside and we’ll be looking for a build in short-positioning to suggest the pullback may be running its course. From a trading standpoint, I would be looking to fade a move lower into structural support.

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

Relevant Data Releases This Week

AUD/USD Economic Docket

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 at 8:30amET.

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

DISCLOSURES