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
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
Bullish
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/KWOX5wSipe
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/cwSWCpKtaj
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zu5hMovbz6
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/QMKyTBOKNG
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/aRkGoNvj6D
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/ltVTNO2sjT
  • GBP/USD clears the May low (1.3801) as the Federal Reserve forecasts two rate hikes for 2023. Get your $GBP market update from @DavidJSong here:https://t.co/WdTG2niAKz https://t.co/2j02VyH0wm
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.60% 🇨🇦CAD: -0.91% 🇦🇺AUD: -0.96% 🇳🇿NZD: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HWVSmqaiYF
  • The amount of breakouts the #USD saw against its major peers this week was fairly impressive Lots of opportunities here for reversing dominant downtrends that have been prevailing for about 14-15 months Stay tuned for my USD weekly technical outlook coming out this weekend!
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.19% Silver: -0.41% Gold: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/J6vFrm0Psb
Post-RBA AUDUSD Rebound on Radar as Lowe Pushes for Fiscal Support

Post-RBA AUDUSD Rebound on Radar as Lowe Pushes for Fiscal Support

David Song, Strategist

Australian Dollar Talking Points

AUD/USD attempts to retrace the decline following the Reserve Bank of Australia (RBA) meeting, but the recent rebound in the exchange rate may prove to be short-lived as the central bank continues to endorse a dovish forward guidance for monetary policy.

Post-RBA AUDUSD Rebound on Radar as Lowe Pushes for Fiscal Support

AUD/USD bounces back from a fresh yearly-low (0.6671) as there appears to be growing calls for fiscal support, with the Australian Institute of Company Directors arguing that “there is a general consensus that the leverage frominterest rates is rapidly depleting, and it's about productivity, it's about fiscal stimulus.”

The statement coincides with the recent speech by Governor Philip Lowe as the central bank head pushes for “a renewed focus on structural measures to lift the nation's productivity performance,” and the RBA may seek assistance from Australian lawmakers as the central bank cuts the official cash rate (OCR) to a fresh record-low of 0.75%.

Image of RBA interest rate

It remains to be seen if the RBA will deliver another rate cut at the next meeting on November 4 as Governor Lowe warns that “there can be some undesirable side effects from low interest rates,” but it seems as though the central bank will continue to embark on its easing cycle as the board stands ready to “ease monetary policy further if needed.”

In turn, the Australian Dollar may face additional headwinds as the RBA retains a dovish forward guidance for monetary policy, with the broader outlook still tilted to the downside as AUD/USD continues to track the bearish trend from late last year.

Sign up and join DailyFX Currency Strategist David Song LIVE for an opportunity to discuss potential trade setups.

AUD/USD Rate Daily Chart

Image of AUDUSD daily chart

Source: Trading View

  • Keep in mind, the AUD/USD rebound following the currency market flash-crash has been capped by the 200-Day SMA (0.6987), with the exchange rate marking another failed attempt to break/close above the moving average in July.
  • More recently, AUDUSD has taken out the September-low (0.6688) following the RBA meeting, with the Relative Strength Index (RSI) offering a bearish signal as the oscillator snaps the bullish formation from August.
  • However, the string of failed attempts to close below 0.6690 (50% expansion) may generate range-bound conditions, with a move above the Fibonacci overlap around 0.6720 (78.6% expansion) to 0.6740 (38.2% expansion) bringing the 0.6800 (61.8% expansion) handle back on the radar.

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 2019.

--- Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong.

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

DISCLOSURES