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. See our updated Privacy Policy here.

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
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
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
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/szi3fFMZHt
  • Heads Up:🇬🇧 BoE Gov Bailey Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-14
  • Persistent selling in gold today, despite USD and US yields more or less flat on the session - With gold below the early June low (1855), eyes on the 200DMA at 1838 https://t.co/UoyAbgBRy5
  • IG Client Sentiment Update: Our data shows the vast majority of traders in EUR/CHF are long at 76.13%, while traders in France 40 are at opposite extremes with 76.54%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8KeppzkFJh
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the weekly open! - https://t.co/UvJm5d12hj
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.19% 🇦🇺AUD: 0.16% 🇪🇺EUR: 0.03% 🇯🇵JPY: -0.08% 🇬🇧GBP: -0.09% 🇨🇭CHF: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8HYDACmPAv
  • Weekly Strategy Webinar starting in 15mins on DailyFX! https://t.co/NMxMepfek7
  • 🇮🇳 Inflation Rate YoY (MAY) Actual: 6.3% Expected: 5.3% Previous: 4.23% https://www.dailyfx.com/economic-calendar#2021-06-14
  • 🇮🇳 Inflation Rate YoY (MAY) Actual: 6.3% Expected: 5.3% Previous: 4.29% https://www.dailyfx.com/economic-calendar#2021-06-14
  • Heads Up:🇮🇳 Inflation Rate YoY (MAY) due at 12:00 GMT (15min) Expected: 5.3% Previous: 4.29% https://www.dailyfx.com/economic-calendar#2021-06-14
Australian Dollar Price Outlook: Aussie Sell-off in Search of Support

Australian Dollar Price Outlook: Aussie Sell-off in Search of Support

Michael Boutros, Strategist

The Australian Dollar is already down more than 1% against US Dollar since the start of the week with Aussie falling for the second consecutive week after turning from a pivotal resistance zone into the start of the year. While further losses are likely, we’re looking for exhaustion on this decline IF the broader October advance is to remain viable. These are the updated targets and invalidation levels that matter on the AUD/USD weekly chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Aussie price setup and more.

Australian Dollar Price Chart – AUD/USD Weekly

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

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

Notes: In my last Australian Dollar Weekly Price Outlook we noted, “topside targets eyed at 7013 and the 2019 objective yearly open / 61.8% retracement at 7042/59(critical).” Price registered a high at 7032 last week before posting a weekly-reversal to snap a four-week winning streak. The move leaves the near-term risk lower, but price would need to hold this channel to remain constructive deeper into January trade.

Initial support eyed at the September trendline around ~6809/27- a region defined by the 2016 low and the 61.8% retracement of the September advance. Broader bullish invalidation for the breakout rests with the 2019 low-week close at 6768. Initial resistance stands with the high-week reversal close at 6945- a breach / close above there would be needed to shift the focus back towards 7013 and 7042/59.

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

Bottom line: The Australian Dollar price breakout failed at a big resistance zone last week and the risk is for a deeper pullback from here before resumption. From a trading standpoint, look for possible downside exhaustion / opportunity to fade a low on a stretch lower into 6809/27 IF price is indeed heading higher. I’ll publish and updated Australian Dollar Price Outlook once we get further clarity on the near-term AUD/USD technical trading levels.

Australian Dollar Trader Sentiment – AUD/USD Price Chart

Australian Dollar Trader Sentiment - AUD/USD Price Chart - Aussie Trade Outlook - AUDUSD Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long AUD/USD - the ratio stands at +1.47 (59.51% of traders are long) – bearish reading
  • Long positions are 14.04% higher than yesterday and 20.91% higher from last week
  • Short positions are15.12% lower than yesterday and 25.05% 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 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.

---

Previous Weekly Technical Charts

--- 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