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
Bearish
Oil - US Crude
Bearish
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
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
USD/JPY
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
More View more
Real Time News
  • Tokyo Governor Yuriko Koike asked central government to declare state of emergency -BBG
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/EXYkozlj21
  • 🇯🇵 Foreign Bond Investment (17/APR) Actual: ¥906.5B Previous: ¥1715.5B https://www.dailyfx.com/economic-calendar#2021-04-21
  • Heads Up:🇯🇵 Foreign Bond Investment (17/APR) due at 23:50 GMT (15min) Previous: ¥1714.4B https://www.dailyfx.com/economic-calendar#2021-04-21
  • Fitch Ratings: Australia-China Trade risks are mitigated by co-dependencies -BBG
  • 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/Ul5GRGiYXb
  • Australia nixes two Belt and Road related deals with China - Reuters
  • A good proxy for risk-on sentiment, AUD/JPY has pushed higher during trade. Of note, the pair bounced off the 50d SMA $AUDJPY https://t.co/r8KS1aoL23
  • If you missed today's webinar here is the recording alongside my silver price outlook - https://www.dailyfx.com/forex/market_alert/2021/04/21/Silver-Price-Forecast-XAGUSD-Ponders-Breakout-Alongside-Gold-Gains.html
  • SEC said to examine fund disclosure after Archegos blowup - BBG
GBP/AUD Technical Outlook: Price Testing Major Trend Support

GBP/AUD Technical Outlook: Price Testing Major Trend Support

Michael Boutros, Strategist

GBP/AUD Weekly Price Chart

GBP/AUD Weekly Price Chart

Technical Outlook: GBP/AUD has been trading within the confines of a well-defined ascending pitchfork formation extending off the 2016 low. Price is now testing slope support (red) and a weekly close below this threshold would risk substantial losses for the pair targeting confluence support at 1.7470/90 (52-week moving average & 38.2% retracement) and the yearly low-week close at 1.7344. Broader bearish invalidation stands at 1.7950- a breach above this region would be needed to suggest a more significant low is in place.

New to Forex Trading? Get started with this Free Beginners Guide

GBP/AUD Daily Price Chart

GBP/AUD Daily Price Chart

Notes: A closer look at GBP/AUD price action highlights today’s test of support at the sliding parallel extending off the September lows with the 61.8% retracement of the June advance just lower at 1.7617- A break / close below this threshold is needed to keep the immediate short bias in play targeting the lower parallel around 1.7470. Look for initial resistance back at the 200-day moving average / weekly open at 1.7717/20 backed by the monthly open / April trendline resistance at ~1.7810.

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

Bottom line: GBP/AUD is testing long-term up-trend support. Price has been coiling up for months now and while there’s no immediate play here, we’re looking for a breakout of the 1.7617-1.7810 for further guidance on our medium-term directional bias. From a trading standpoint, the near-term threat remains for an exhaustion low while above 1.7617.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

---

Relevant GBP/AUD Economic Data Releases

GBP/AUD Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

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