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.

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
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
Oil - US Crude
Bullish
Wall Street
Bearish
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
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/HCvzbjEkr6
  • Get our analysts’ view on the key fundamentals for indices in Q2. Download now. https://t.co/Etdyanp76f https://t.co/n2wxfyMsJt
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/5KaUvfGM4I
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/9Bjkh5413e
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/FqAsp91Gia
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/cKOUmtj7Dj
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/TnL91f7sl7
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/cDcjl3Ue09
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/KWOX5wSipe
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/cwSWCpKtaj
AUD/USD Breakdown to Turn or Burn on Aussie Employment, US CPI

AUD/USD Breakdown to Turn or Burn on Aussie Employment, US CPI

Michael Boutros, Strategist

Talking Points

  • AUDUSD at support- broader focus is lower heading into key AU, US data
  • Updated targets & invalidation levels
  • Looking for trade ideas? Review DailyFX’s 2016 4Q Projections

AUD/USD120min

AUDUSD 120min Chart

Technical Outlook: Aussie has continued to trade within the confines of a descending median-line formation dating back to the October high with the decline breaking below key long-term structural support extending off the January low in overnight trade.

The exchange rate responded to confluence support today at 7462 – a level defined by the 50% retracement of the May advance and the lower parallel. Heading into tonight’s Australia employment report and subsequent US CPI release, the risk remains lower sub-7558 with a break lower targeting subsequent support objectives at 7420 and the 61.8% retracement at 7387.

A breach above the median-line / monthly open at 7608 would be needed to shift the broader focus higher in AUDUSD. From a trading standpoint, while we could see some upside off this support zone, I would be looking to fade strength / short-entries on a rally into structural resistance near the weekly open at 7525/44.

AUDUSD SSI
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net long AUD/USD- the ration stands at +1.93 (66% of traders are long)- bearish reading
  • Long positions are 14.7% higher than yesterday and 72.1% above levels seen last week.
  • Short positions are 8.4% lower than yesterday and 14% below levels seen last week.
  • Open interest is 5.6% higher than yesterday and 1.1% above its monthly average.
  • The current increase in long-positioning on building open interest suggests that retail crowds are attempting fade this decline, leaving the risk for further losses near-term. That said, it’s important to keep in mind the last time SSI extended into these levels was back in back in September as the exchange rate bottomed – (that low still holds). Look for an increase in short-exposure as price approaches support for indications that the decline may be reaching near-term exhaustion.

Relevant Data Releases

AUDUSD Economic Docket

Other Setups in Play:

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

Join Michael for Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

DISCLOSURES