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
  • USD/JPY and GBP/JPY may reverse lower in the near-term as both exchange rates fail to breach key resistance. CAD/JPY rates eyeing a retest of its post-crisis high. Get your market update from @DanielGMoss here:https://t.co/NptWy89cTa https://t.co/wbPm8lD0C0
  • - S&P 500 unimpressed by ongoing fiscal talks as #election nears - Third and final presidential debate coming up: what to expect - Why might the #SP500 index target an inflection point 3361? https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/10/20/SP-500-Uninspired-by-Fiscal-Talks-Ahead-of-Final-Presidential-Debate.html
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET / 0:00 GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/k1eyZzhAWa
  • The British Pound may fall if EU and UK negotiators fail to reach a consensus as the December 31 deadline nears. The third presidential debate is on deck, how might markets react? Find out from @ZabelinDimitri here:https://t.co/kDSYzBDA3t https://t.co/wmltuIVo5h
  • #BTC testing confluent resistance at the Ascending Channel midpoint and September high (12067) RSI hints at further gains as it surges towards overbought territory Is #Bitcoin poised to break back above key resistance at the $12,000 mark? https://t.co/YCPnKq0VcJ https://t.co/EgHA4jELhI
  • I thought it was make or break today by the close on whether they can get a fiscal stimulus before the Nov 3rd election... https://t.co/YgwnE9vDXC
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.48% 🇪🇺EUR: 0.45% 🇨🇭CHF: 0.32% 🇯🇵JPY: -0.06% 🇦🇺AUD: -0.27% 🇳🇿NZD: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0YPpZ9dwBY
  • USD/JPY Price Outlook: Dollar-Yen Undermined by Fiscal Stimulus Hopes Link to Analysis via @DailyFX: https://www.dailyfx.com/forex/market_alert/2020/10/20/usdjpy-usd-jpy-price-outlook-dollar-yen-undermined-by-stimulus-hopes.html $USDJPY $USD $JPY #FX #Forex #Trading https://t.co/yNss3yhgt7
  • It’s been relatively quiet in FX-land, but the USD did push below a big zone of support earlier today. Get your $USD currency pairs technical analysis from @JStanleyFX here:https://t.co/ZC8g3lVxoO https://t.co/lchSrr9hBO
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.02% Gold: 0.15% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SN5ZJQwiRu
Australian Dollar Price Outlook: Aussie Breakout Potential into FOMC

Australian Dollar Price Outlook: Aussie Breakout Potential into FOMC

2019-09-17 18:30:00
Michael Boutros, Strategist
Share:

The Australian Dollar is virtually unchanged against the US Dollar since the start of the week and heading into tomorrow FOMC interest rate decision, the focus is on a break of the objective weekly opening-range for guidance. These are the updated targets and invalidation levels that matter on the AUD/USD price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro price setup and more.

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

Australian Dollar Price Chart – AUD/USD Daily

Australian Dollar Price Chart - AUD/USD Daily - Aussie Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; AUD/USD on Tradingview

Technical Outlook: In my last Australian Dollar Price Outlook we noted that AUD/USD was vulnerable on the back of a 2.6% advance off the yearly lows with, “initial support at 6827/32 backed by 6803 – both levels of interest for possible downside exhaustion / long-entries IF reached.” Price registered a low today at 6830 before rebounding sharply – so was that it?

Its too early to tell, but with the FOMC on tap tomorrow, we’re look for clarity here. A topside breach above the high-close at 6880 would put Aussie back in play targeting 6911 and confluence resistance at the median-line / 61.8% retracement at 6927. Key daily support now 6791 with broader bullish invalidation at 6760/66.

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

Australian Dollar Price Chart – AUD/USD 120min

Australian Dollar Price Chart - AUD/USD 120min - Aussie Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; AUD/USD on Tradingview

Notes: A closer low at Aussie price action sees AUD/USD continuing to trade within the confines of an ascending pitchfork formation extending off the August / September lows with the recent pullback finding support today at lower parallel / 6827/32. Initial resistance objectives at the weekly open at 6862 backed by 6880/84 – A topside breach of the weekly opening-range would be needed to mark resumption targeting 6911 and 6924/27.

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 rebounding off confluence support today and we’re on the lookout for a low / validation of a low in price. From at trading standpoint, the focus remains weighted to the topside while within this formation targeting a topside breach of the weekly range. Weakness beyond 6815 would suggest a larger correction is underway. Stay nimble here- expect volatility with the Fed is on tap tomorrow – IF price spikes lower, look to fade a final drop closer to daily slope support / the low-day close. A stretch into 6920s would have me looking for topside exhaustion / short entries. Review my latest Australian Dollar Weekly Price Outlook for a closer look at the longer-term AUD/USD technical trading levels.

Aussie Trader Sentiment – AUD/USD Price Chart

Aussie Trader Sentiment - Australian Dollar vs US Dollar Price Chart - AUD/USD Technical Outlook
  • A summary of IG Client Sentiment shows traders are net-long AUD/USD - the ratio stands at +1.11 (52.6% of traders are long) – weak bearish reading
  • Traders have remained net-long since July 19th; price has moved 1.5% lower since then
  • Long positions are 5.6% higher than yesterday and 9.5% lower from last week
  • Short positions are2.0% higher than yesterday and 13.9% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUD/USD prices may continue to fall. Traders are further net-long than yesterday and 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 Aussie retail positioning are impacting trend- Learn more about sentiment!

---

Key Australia / US Data Releases

Australia / US Data Releases - AUD/USD Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk.

Active Trade Setups

- Written by Michael Boutros, 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