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
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
Gold
Bullish
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
Bitcoin
Mixed
More View more
Real Time News
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/uOLKRebXB1
  • #DidYouKnow the global trade volumes dropped by close to 10% amid the Great Recession. Want to know your #tradewars history? Get it here: https://t.co/f4loFVzX6w https://t.co/GDTFHvUIf7
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/mph6z70XeF
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
  • $AUD broke critical range support against its US counterpart, suggesting deeper losses are ahead even after prices hit an 11-year low. Get your market update from @IlyaSpivak here:https://t.co/45YpJRjDYj https://t.co/zWAzaL78Sc
Australian Dollar Outlook: Aussie Turn or Burn? AUD/USD Trade Levels

Australian Dollar Outlook: Aussie Turn or Burn? AUD/USD Trade Levels

2019-10-30 15:30:00
Michael Boutros, Technical Strategist
Share:

The Australian Dollar has rallied more than 3% against the US Dollar off the September lows with the advance now testing major downtrend resistance ahead of key event risk this week. These are the updated targets and invalidation levels that matter on the AUD/USD weekly chart. Review this week's Strategy Webinar for an in-depth breakdown of this oil price setup and more.

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

Australian Dollar Price Chart – AUD/USD Weekly

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

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

Notes: In my last Australian Dollar Weekly Price Outlook we noted that, “Aussie has been in a price range since the August lows with the recent recovery now eyeing confluence resistance at the upper bounds.AUD/USD has continued to hold just below channel resistance with the FOMC interest rate decision on tap later today and NFPs slated for Friday.

Key resistance remains at the 2016 low-week close / September highs at 6855/95- a breach / close above this threshold is needed to validate the breakout targeting the 61.8% retracement of the July decline at 6927 and the March low at 7003. Weekly support rests with the low-week close at 6768- weakness beyond this threshold would mark resumption of the broader downtrend targeting the yearly lows at 6677.

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

Bottom line: AUD/USD is testing yearly downtrend resistance here and leaves the immediate Aussie advance vulnerable sub-6895. From a trading standpoint, a good spot to reduce long-exposure / raise protective stops. Look for a reaction at this zone today for guidance – IF price fails, look for a play off 6768. Review my latest Australian Dollar Price Outlook for a closer look at the near-term AUD/USD technical trading levels.

Australian Dollar Trader Sentiment – AUD/USD Price Chart

Australian Dollar Trader Senitment - AUD/USD Price Chart - Aussie Trade Oulook - Techncial Forecast
  • A summary of IG Client Sentiment shows traders are net-long AUD/USD - the ratio stands at +1.13 (53.15% of traders are long) – neutral reading
  • Long positions are 6.23% lower than yesterday and 7.22% higher from last week
  • Short positions are4.15% higher than yesterday and 10.59% lower 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 less net-long than yesterday but more net-long from last week and the combination of current positioning and recent changes gives us a further mixed AUD/USD trading bias from sentiment standpoint.

See how shifts in Aussie retail positioning are impacting trend- Learn more about sentiment!

---

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.