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
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
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
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
Gold
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Netflix 3Q earnings shows EPS at $1.74 vs expectations of $2.13 on revenue of $6.44 Bln vs expectations of $6.38 Bln. Not the greatest start for FAANG earnings
  • As of today, it is officially two weeks until the #2020Election with the final presidential debate coming up on October 22. Crazy to think how fast time flies.
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.01% US 500: -0.01% Germany 30: -0.19% FTSE 100: -0.28% France 40: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zxL5TzfUnp
  • US Dollar Price Action Setups: EUR/USD, AUD/USD, GBP/USD https://www.dailyfx.com/forex/video/live_events/2020/10/20/US-Dollar-Price-Action-Setups-EURUSD-EUR-USD-AUD-USD-AUDUSD-GBP-USD-GBPUSD.html https://t.co/zzMSzNAu7E
  • Renewed hopes of additional US stimulus combined with economic uncertainty increased the demand for Gold, Silver and other safe-haven assets temporarily. Get your market update from @Tams707 here:https://t.co/tdpnGJAdZp https://t.co/d3DlqqcAde
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 1.83% Gold: 0.39% Oil - US Crude: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/V9jnip9o7w
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.81%, while traders in EUR/USD are at opposite extremes with 72.76%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AqbJxwy3OI
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 1.08% Wall Street: 0.93% Germany 30: 0.13% FTSE 100: 0.10% France 40: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YdA0uOcvxT
  • Overnight, RBA’s Kent had reiterated the message by the RBA Governor last week, that more monetary easing is on its way. Get your $AUDUSD market update from @JMcQueenFX here:https://t.co/Jq1ejeUf4Q https://t.co/16nQEIwC9i
  • webinar time... https://www.dailyfx.com/webinars/455809179 topics up for discussion today: 1) USD - do something 2) Stocks supported on stimulus hopes 3) Crosses cleaning up a bit? starting right meow https://www.dailyfx.com/webinars/455809179 https://t.co/zj9XN14BDv
AUD/USD Into Resistance – 7500 in Focus

AUD/USD Into Resistance – 7500 in Focus

2017-05-22 17:00:00
Michael Boutros, Strategist
Share:

Talking Points

  • AUDUSD testing key resistance confluence at 7500
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

AUDUSD Daily

AUD/USD Daily Chart

Technical Outlook:AUSDUSD is testing confluence resistance into the start of the week just under the 7500. This region is defined by the 38.2% retracement of the March decline and the upper median-line parallel of the operative descending pitchfork. We discussed this setup at length in today’s Strategy Webinar and for now, the immediate topside bias is at risk while below this threshold. Interim support rests with the overnight lows with a close below 7385 needed to put resumption of the downtrend back on the table.

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

AUDUSD 240min

AUD/USD 240min Chart

Notes: A closer look at price action highlights the Aussie’s approach into this key resistance confluence today in New York trade- Look for a reaction here with the immediate focus on the 7429-7490 range to start the week. A topside breach targets 7539/43 (note the 100 & 200 Daily moving averages) backed by the 61.8% retracement at 7589.

Interim support & immediate bullish invalidation rests at 7429 with a break below 7382/85 needed to re-assert the short-side. A third of the daily average true range (ATR) yields profit targets of 19-23pips per scalp. Economic data is rather light until late in the session so look for broader market sentiment to drive price action in this pair.

AUD/USD Into Resistance – 7500 in Focus
  • A summary of IG Client Sentiment shows traders are net-short AUDUSD- the ratio stands at -1.04 (48.9% of traders are long)- weak bullish reading
  • The percentage of traders net-long is now its lowest since May 1st
  • Long positions are 2.5% higher than yesterday but 15.7% lower from last week
  • Short positions are 11.2% higher than yesterday and 14.7% higher from last week
  • The recent build in short-exposure keeps the immediate long-bias in focus into the start of the week. That said, from a trading standpoint, the focus is on structural resistance heading into the 75-handle- with a breach there needed to validate a more meaningful breakout in the pair.

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

---

Relevant Data Releases

AUD/USD Into Resistance – 7500 in Focus

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