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
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
Bullish
USD/JPY
Mixed
Gold
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
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Chair of House Committee on Ways and Means Neal: - Differences on USMCA are pretty small - Democrats no worried about handing Trump a victory #trade $DXY $MXN $CAD
  • RT @JohnRentoul: New Kantar poll, 14-18 Nov: 18-pt Tory lead Con 45% +8 Labour 27% ±0 Lib Dem 16% -1 Green 3% ±0 Brexit Party 2% -7 (Chan…
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Silver: 0.23% Gold: -0.07% Oil - US Crude: -1.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PBjEYZBPo7
  • Crude #oil is down below $56 today to retest November lows https://t.co/90SZJRtYld
  • Aussie & Kiwi Dollar to USD Price: AUD/USD, NZD/USD Reversal’s Key Levels More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2019/11/19/Aussie-Kiwi-Dollar-to-USD-Price-AUDUSD-NZDUSD-Reversals-Key-Levels-MK.html?CHID=9&QPID=917714 https://t.co/LXEGC13aCn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.86%, while traders in France 40 are at opposite extremes with 80.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/x1FpC6lYus
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.06% Gold: -0.13% Oil - US Crude: -1.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/58K55NgnrB
  • Fed's Williams: - Money markets are looking good - Weighing flexible approach to setting interest rates
  • Fed's Williams: - Much focus on end of year in money markets - Following September's turmoil, money markets have really calmed down
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.93% France 40: 0.24% US 500: 0.22% Wall Street: 0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mNLZ6M4EIf
Aussie Weekly Price Outlook: AUD/USD Rejected at Resistance

Aussie Weekly Price Outlook: AUD/USD Rejected at Resistance

2019-04-23 17:30:00
Michael Boutros, Technical Strategist
Share:

In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend. The Australian Dollar is down more than 1.6% against the US Dollar from the monthly highs with Aussie trading within a critical technical range. These are the updated targets and invalidation levels that matter on the AUD/USD weekly price chart. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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

AUD/USD Weekly Price Chart

Aussie Price Chart - Australian Dollar vs US Dollar Weekly - AUD/USD

Notes: In my previous AUD/USD Weekly Technical Outlook we noted that, “The broader risk remains weighted to the downside sub-7233 for now, with a break / close below yearly open support needed to mark resumption of the broader downtrend.” Aussie has continued to respect this support zone with price trading within a well-defined range between key technical zones.

Critical support remains at 7020/42 – a region defined by the yearly open, the 50% retracement of the 2019 range and the yearly close-low. A break / close below is needed to mark resumption of the broader down trend exposing the 2016 low / low-week close at 6827/55. Resistance stands with the June trendline / 61.8% retracement of the January decline at 7184 – a breach above this zone would shift the focus back towards the 100-day moving average at 7246 and broader bearish invalidation at 7295-7327.

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

Bottom line: Aussie is trading within a critical range between 7020-7184 – and we’re looking for the breakout to offer guidance on our medium-term outlook. From a trading standpoint, the immediate risk is lower within this range but look for a reaction on a drop towards yearly open support. I’ll publish and updated AUD/USD Price Outlook once we get further clarity in near-term price action.

Even the most seasoned traders need a reminder every now and then-Avoid these Mistakes in your trading

AUD/USD Trader Sentiment

AUDUSD Trader Sentiment - Aussie Price Chart - Australian Dollar vs US Dollar Positioning
  • A summary of IG Client Sentiment shows traders are net-long AUD/USD - the ratio stands at +1.46 (59.3% of traders are long) – weak bearish reading
  • The percentage of traders net-long is now its highest since April 1st
  • Long positions are 8.3% higher than yesterday and 20.6% higher from last week
  • Short positions are 7.5% lower than yesterday and 22.3% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Aussie prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger AUD/USD-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in AUD/USD retail positioning are impacting trend- Learn more about sentiment!

---

Relevant Australian / US Economic Data Releases

Australia / US Economic Calendar - Aussie - AUD/USD Data Releases

Economic Calendar - latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

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

Follow Michael on Twitter @MBForex

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

DISCLOSURES

News & Analysis at your fingertips.