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.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
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
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. $USDINR may rise in the medium-term as the RBI defers hiking rates. Get your market update from @ddubrovskyFX here: https://t.co/lRrlZjAQDw https://t.co/mFv1EOYMjG
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/sUWcSFruHw
  • The $NZD may be on average at risk to further losses against its major counterparts such as the US Dollar and Japanese Yen. Where to for NZD/USD and NZD/JPY from here? Find out from @ddubrovskyFX here:https://t.co/OFjePKYdCb https://t.co/eo1c6QAVd8
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/wcIGO1emDw
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/FfCkGhtHsm
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
  • $Gld prices are poised to mark the highest weekly-close in nearly seven-years, but the bulls aren’t in the clear yet. Here are the XAU/USD levels that matter next week. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/yeTH6HwncQ https://t.co/6sIpxTSNaX
  • Video https://t.co/PZeqhLumSR
  • The $USD rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on coronavirus fears. What is the technical outlook for USD/IDR, USD/SGD, USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/G3GmyOe4IT https://t.co/iq7ajeP6iv
AUD/USD Bullish Reversal Eyes Initial Resistance Targets

AUD/USD Bullish Reversal Eyes Initial Resistance Targets

2017-12-14 18:07:00
Michael Boutros, Technical Strategist
Share:

To receive Michael’s analysis directly via email, please SIGN UP HERE

AUD/USD Daily Chart

AUD/USD Price Chart - Daily Timeframe

Technical Outlook: Last month we noted that AUDUSD was approaching a critical support zone at 7476-7500- a region defined by the 78.6% retracement of the May advance, the 50% retracement of the broader 2016 advance and basic slope support extending off the 2016 lows. Price reversed off this threshold this week with the post FOMC rally taking Aussie through the median-line of the descending pitchfork formation extending off the yearly highs.

Daily resistance is eyed just higher 7690-7700 where the 50-line converges on the 200-day moving average and basic slope extending off the May lows. A breach above this threshold would be needed to unleash the next leg higher targeting the 2016 high-day close at 7735 & the 78-handle. Interim support now tests back at 7630 with our broader bullish invalidation level steady at 7500.

New to Forex? Get started with this Free Beginners Guide

AUD/USD 240min Chart

AUD/USD Price Chart - 240min Timeframe

Notes: A closer look at price action sees the pair trading within a near-term ascending pitchfork extending off the November / December lows with the rally eyeing interim resistance just higher at the upper parallel near 7680. Look for interim support at 7630 backed by the median-line with our near-term bullish invalidation now raised to 7580. A breach higher targeting the slope confluence just above 7700 back by 7735/40 and the upper parallel / 50% retracement at 7800/13.

Bottom line: We’re likely to get some pullback off the upper parallel here but I’ll favor buying dips while above the median, ultimately targeting a larger break to the upside.

Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here!

AUD/USD IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-short AUDUSD- the ratio stands at +1.01 (50% of traders are long) – weak bullish reading
  • The percentage of traders net-long is now its lowest since Nov 5th- AUDUSD was at 76493
  • Long positions are 14.6% lower than yesterday and 26.3% lower from last week
  • Short positions are 11.5% higher than yesterday and 28.5% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUDUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUDUSD-bullish contrarian trading bias.

See how shifts in AUD/USD retail positioning are impacting trend- Click here to learn more about sentiment!

---

Relevant Data Releases

AUD/USD Economic Calendar

Why does the average trader lose? Avoid these Mistakes in your trading

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.