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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
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
More View more
Real Time News
  • The US Dollar may seesaw as investors navigate what could be a volatile week packed with US GDP data, rising Covid-19 cases, Q3 corporate earnings and more. Get your #currencies update from @ZabelinDimitri here:
  • USD/MXN pushes lower towards a critical support level in the midst of continued political uncertainty. Get your #currencies update from @HathornSabin here:
  • Gold Forecast - via @DailyFX “Gold price outlook still hinges on stimulus deal expectations and corresponding swings in real yields.” What will I have my eyes on in the week ahead? Link to Analysis: $GC_F $XAUUSD $GLD
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Talks between the EU and UK restarted today and will continue over the weekend as negotiators from both sides battle against the clock. Get your #currencies update from @nickcawley1 here:
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • The US Dollar is losing ground against ASEAN FX, with USD/SGD and USD/IDR possibly readying to extend declines. Will USD/PHP and USD/MYR follow? Find out from @ddubrovskyFX here:
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here:
Fading USD Bounces- AUD Remains at Risk for Lower Low

Fading USD Bounces- AUD Remains at Risk for Lower Low

2013-12-11 17:05:00
David Song, Strategist

Talking Points:

- USDOLLAR Pares Decline as Congress Draws Up Budget Deal

- Australian Dollar at Risk for Further Losses on Slowing Job Growth





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index







Forex_Fading_USD_Bounces-_AUD_Remains_at_Risk_for_Lower_Low_body_Picture_3.png, Fading USD Bounces- AUD Remains at Risk for Lower Low

Chart - Created Using FXCM Marketscope 2.0

  • Seems a Lower High is in Place; Soft Support (10,615) Now Resistance
  • Bearish Relative Strength Index Highlights Downside Risks
  • Interim Resistance: 10,658 (61.8 extension)- Former Support
  • Interim Support: 10,470 Pivot- Closing Basis





MBA Mortgage Applications (DEC 6)




Monthly Budget Statement (NOV)




The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) pared the losses from the previous week as U.S. policy makers inch closer to a budget deal, and a near-term resolution may help to limit the downside risks for the greenback as it gives the Fed greater scope to taper the asset-purchase program at the December meeting.

However, the greenback retains at risk of facing a larger decline as it continues to carve a series of lower highs paired with lower lows, and the technical outlook continues to favor further USD weakness as the downward trend in the Relative Strength Index tapes shape.

As a result, it we will need to see at least a small taper next week to scale back the bearish outlook for the dollar, and we favor selling bounces in the reserve currency ahead of the Federal Open Market Committee (FOMC) as soft support around the 10,615 (78.6 percent Fibonacci expansion) now appears to be acting as resistance.

Join DailyFX on Demandto Cover Current U.S. Dollar Trade Setups

Forex_Fading_USD_Bounces-_AUD_Remains_at_Risk_for_Lower_Low_body_ScreenShot106.png, Fading USD Bounces- AUD Remains at Risk for Lower Low


Forex_Fading_USD_Bounces-_AUD_Remains_at_Risk_for_Lower_Low_body_Picture_1.png, Fading USD Bounces- AUD Remains at Risk for Lower Low
  • Retains Downward Trend; Lower High in Place?
  • Interim Resistance: 0.9250 (23.6 retracement) to 0.9290 Pivot
  • Interim Support: 0.8990 Pivot to 0.9000 (1.618 expansion)

Two of the four components weakened against the greenback, led by a 0.95 percent decline in the Australian dollar, and the higher-yielding currency may weaken further over the next 24-hours of trade should the region’s Employment Report fall short of market expectations for the fifth consecutive month.

In light of the slowing recovery, the Reserve Bank of Australia (RBA) Minutes due out on December 16 may show a greater willingness to further embark on the easing cycle in 2014, while Governor Glenn Stevens may increase his efforts to weaken the local currency in an effort to further assist with the rebalancing of the real economy.

In turn, it seems as though the bearish trend will continue to take shape throughout the remainder of the year, and the AUDUSD may press to fresh lows in the days ahead should the RBA sounds more dovish this time around.

--- Written by David Song, Currency Analyst

To contact David, e-mail Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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