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
Wall Street
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 future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here:
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here:
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here:
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here:
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:
  • #Gold prices declined following bearish technical cues, but a key zone of support was reinforced over the past 48 hours. #XAUUSD volatility risk is elevated ahead of the #USElection -
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:
Construction Work Miss Hurt AUD as Sentiment Fell, RBA Speech Due

Construction Work Miss Hurt AUD as Sentiment Fell, RBA Speech Due

2018-05-23 02:15:00
Daniel Dubrovsky, Analyst

Australian Dollar Talking Points:

  • Australian Dollar was dented further as local construction work missed bets
  • Sentiment was already deteriorating, echoing losses from Wall Street earlier
  • AUD/USD could find itself falling to channel support on RBA’s Lowe speech

Trade all the major global economic data live and interactive at the DailyFX Webinars. We’d love to have you along.

The Australian Dollar showed a negative reaction when local construction work data crossed the wires. In the first quarter of this year, construction work done rose just 0.2 percent q/q versus 1.3 percent expected and -18.3 percent from the fourth quarter of last year. The details of the report showed that overall building construction declined 0.7% while those in the private sector fell 1.0 percent.

These softer figures could potentially bode ill for GDP growth, but they also speak to the housing situation in Australia. The Reserve Bank of Australia expects a “considerable” additional supply of apartments over the next couple of years in eastern capital cities. If total building work is falling and the number of dwellings remain subdued, then this may push prices higher and could cause the central bank to take additional steps to help cool bubbles as it did before.

Still, the central bank has showed us time and time again that they are in no rush to raise interest rates as is. In fact, the decline in the Aussie Dollar accompanied a general pullback in Asian stocks which were down in Japan, China and Australia at the time of this alert. The pullback in sentiment echoed losses seen on Wall Street in the prior session when US President Donald Trump unnerved investors.

Looking ahead, keep an eye out for how risk trends continue behaving. As the European trading session begins, we will also get a speech from RBA’s Governor Philip Lowe. If he continues to repeat that the RBA is indeed in no rush to adjust monetary policy any time soon, then this may not bode well for the Australian Dollar.

AUD/USD 5-minute chart

AUD/USD Technical Analysis: Pushed Higher As Expected

On a daily chart, AUD/USD has pushed higher as expected after positive RSI divergence showed that momentum to the downside was ebbing. The pair has climbed above the lower line of a descending channel after getting stuck below it. From here, near-term resistances is the 50% midpoint of the Fibonacci retracement at 0.7612.

A push above that exposes the 61.8% level at 0.7660 which is also very closely aligned with the rising trend line from January 2016. It could act as former support now resistance. Just beyond that lies the upper line of the descending channel.

On the other hand, if AUD/USD turns lower, than the 38.2% Fibonacci retracement at 0.7565 could catch it. A break below that exposes the lower line of the descending channel back in sight. Bit is also closely aligned with the 23.6% level at 0.7507.

AUD/USD daily chart with positive RSI divergence

AUD/USD Trading Resources:

--- Written by Daniel Dubrovsky, Junior Currency Analyst for

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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