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.



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
Please try again
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
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.12% Silver: -0.30% Oil - US Crude: -1.23% View the performance of all markets via
  • RT @Yeap_IG: #IGMorningthoughts: - 89% of #SP500 companies outperformed earnings thus far, but only 0.2% gain in SP500 since start of earni…
  • Gold prices risk forming a "Double Top" pattern - #GOLD chart
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.10% 🇨🇦CAD: -0.14% 🇦🇺AUD: -0.17% 🇳🇿NZD: -0.17% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.87%, while traders in Wall Street are at opposite extremes with 74.32%. See the summary chart below and full details and charts on DailyFX:
  • Keppel Corp is seeking to buy Singapore Press Holdings (SPH) for S$2.2 billion following the spin-off of its media assets, and plans to delist and privatize the company - BBG
  • S&P 500 Futures Lift Nikkei 225, Regulatory Risks Hit Chinese Stocks
  • 🇰🇷 Markit Manufacturing PMI (JUL) Actual: 53 Previous: 53.9
  • Heads Up:🇰🇷 Markit Manufacturing PMI (JUL) due at 00:30 GMT (15min) Previous: 53.9
AUD/USD Outlook Mired by Failed Attempt to Break Trendline Resistance

AUD/USD Outlook Mired by Failed Attempt to Break Trendline Resistance

David Song, Strategist

Australian Dollar Talking Points

AUD/USD retraces the decline from late last week even as the G7 Summit does little to ward off the threat for a global trade war, and the pair may continue to catch a bid over the next 24-hours of trade as the recent pickup in market sentiment appears to be gathering pace.

Image of daily change for major currencies

AUD/USD Outlook Mired by Failed Attempt to Break Trendline Resistance

Image of daily change for AUDUSD

Following the reaction to the Australia’s 1Q Gross Domestic Product (GDP) report, recent developments in AUD/USD raises the scope for a more meaningful recovery as the pair breaks out of a near-term range.

Even though the Reserve Bank of Australia (RBA) remains in no rush to lift the cash rate off of the record-low, indications of stronger-than-expected growth may push the central bank to gradually change its tune in the second-half of the year, with the improvement in risk appetite likely to keep AUD/USD afloat ahead of the meeting minutes due out on June 18 as the rebound from the May-low (0.7412) continues to unfold.

Keep in mind, a marked slowdown in Australia Home Loans may rattle the aussie-dollar exchange rate as Governor Philip Lowe and Co. warns that ‘the level of household debt remains high,’ but the RBA Minutes may heighten the appeal of the Australia dollar as ‘members agreed that it was more likely that the next move in the cash rate would be up, rather than down.’ With that said, AUD/USD may make another attempt to threaten the downward trend from earlier this year as bullish momentum appears to be gathering pace, with a break of trendline resistance raising the risk for a more meaningful recovery in the exchange rate.

AUD/USD Daily Chart

Image of AUDUSD daily chart
  • String of lower-highs may produce a larger pullback in AUD/USD as the near-term rebound appears to be stalling ahead of trendline resistance, with a break/close below 0.7590 (100% expansion) bringing the downside targets back on the radar.
  • However, the 0.7650 (38.2% retracement) remains on the radar as the Relative Strength Index (RSI) extends the bullish formation carried over from the previous month, with a close back above the stated region raising the risk for a run at the Fibonacci overlap around 0.7720 (23.6% retracement) to 0.7770 (61.8% expansion).
  • Next region of interest comes in around 0.7850 23.6% retracement) to 0.7860 (61.8% expansion) followed by the overlap around 0.7930 (50% retracement) to 0.7940 (61.8% retracement), which sits just above the March-high (0.7916).

Interested in having a broader discussion on current market themes? Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups!

Image of DailyFX economic calendar

Additional Trading Resources

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2018.

--- Written by David Song, Currency Analyst

Follow me on Twitter at @DavidJSong.

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