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
Bullish
Oil - US Crude
Mixed
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • BoE's Haskel says too early to say if vaccine news will significantly improve the bank's economic outlook for 2021 $GBP
  • Heads Up:🇩🇪 Bundesbank Mauderer Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-11-24
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/p8sZvpya4i
  • 🇲🇽 Unemployment Rate (OCT) Actual: 4.7% Expected: 5% Previous: 5.1% https://www.dailyfx.com/economic-calendar#2020-11-24
  • 🇲🇽 Mid-month Inflation Rate YoY (NOV) Actual: 3.43% Expected: 3.63% Previous: 4.09% https://www.dailyfx.com/economic-calendar#2020-11-24
  • 🇲🇽 Unemployment Rate (OCT) Actual: 4.7 Expected: 5% Previous: 5.1% https://www.dailyfx.com/economic-calendar#2020-11-24
  • 🇲🇽 Mid-month Inflation Rate YoY (NOV) Actual: 3.43 Expected: 3.63% Previous: 4.09% https://www.dailyfx.com/economic-calendar#2020-11-24
  • 🇲🇽 Mid-month Inflation Rate MoM (NOV) Actual: 0.04% Expected: 0.24% Previous: 0.54% https://www.dailyfx.com/economic-calendar#2020-11-24
  • GBPCHF remains interesting...all 3 moving averages look positive, with added 50-/200-sdma 'golden cross' being formed, horizontal resistance being probed #sterling #gbpchf @DailyFXTeam https://t.co/Qc3RsDrCnd
  • Heads Up:🇯🇵 BoJ Gov Kuroda Speech due at 12:05 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-11-24
AUDUSD Breakdown Testing Support Ahead of U.S. NFP

AUDUSD Breakdown Testing Support Ahead of U.S. NFP

2017-05-04 15:29:00
Michael Boutros, Strategist
Share:

Talking Points

  • AUDUSD testing near-term support- immediate short-bias at risk above 7375
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

AUDUSD Daily

AUD/USD Daily Chart

Technical Outlook:We highlighted this setup back on April 25th citing a downside bias on the Aussie sub-7611 ahead of Australian CPI. Fast-forward over a week (and RBA) and the pair is now approaching a key near-term support confluence at 7375/85 after rebounding off resistance early in the week. This level is defined by the 61.8% retracement of the December and is backed closely by a median-line parallel extending off the early-April lows.

Check out our AUDUSD 2Q projections in our Free DailyFX Trading Forecasts.

AUDUSD 240min

AUD/USD 240min Chart

Notes: A closer look at near-term price action further highlights Monday’s reversal off key near-term confluence resistance at 7543/58 with the decline now testing support at 7375/85. The immediate decline is at risk while above this level but the broader outlook remains weighted to the downside while above the monthly/weekly open at 7467. Interim resistance now 7417 & 7440.

A break lower from here targets subsequent support objectives at 7335 & the 2016 open / 78.6% retracement at 7282/86. A third of the daily average true range (ATR) yields profit targets of 20-24 pips per scalp. Added caution is warranted heading into the U.S. Non-Farm Employment report tomorrow with the release likely to fuel increased volatility in the USD crosses. That said, from a trading standpoint I would be looking to fade strength while below the monthly open with a break below this support zone needed to mark resumption of the broader decline off the yearly highs.

See how shifts in Aussie retail positioning are effecting market trend- Click here to learn more about IG Client Sentiment indicators!

---

Relevant Data Releases

AUDUSD Breakdown Testing Support Ahead of U.S. NFP

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on 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