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
GBP/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
More View more
Real Time News
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/nfiFAlyYXv
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0unrdT https://t.co/mIsVJ4zTbB
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/hymrumanUY
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfs2Iz https://t.co/6dAqxsVfxJ
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here: https://t.co/Xu3ZT7EtrW https://t.co/5VHKn52MaA
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHq4Np https://t.co/mf9rsmIvaW
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/mYWO0Eta0P
  • Sterling continues to contract into trend extremes and the focus is on a pending breakout in the weeks ahead. Get your weekly $GBP technical forecast from @MBForex here: https://t.co/ZvEMQuFjSs https://t.co/rMmq9cehnY
  • 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/tm4k3IVzHr
  • 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/t9FlspUVZz https://t.co/FFMy5O9YoY
AUD/USD Prices Aim Higher on Trade Balance Ahead of RBA Decision

AUD/USD Prices Aim Higher on Trade Balance Ahead of RBA Decision

Megha Torpunuri,

TALKING POINTS – AUD/USD, TRADE BALANCE, TRADE WARS, EQUITIES

  • AUD/USD rallied following the release of outperforming trade balance data
  • Dominant downtrend remains intact as 2015 support levels may turn into resistance
  • Risk aversion, US employment data, and RBA November meeting in focus next

Build confidence in your own AUD/USD strategy with the help of our free guide!

The Australian Dollar strengthened against its US namesake after local trade balance data crossed the wires early into Thursday’s Asia Pacific trading session. September’s trade balance clocked in at A$3017m, beating both economists’ forecasts of A$1700m and August’s A$1604m. The third quarter’s export price index similarly outperformed at 3.7%, compared to the estimate of 2.2% and the 1.9% previous. Meanwhile, the 3Q import price index was 1.9%, with expected 1.0% and 2Q’s 3.2%. The uptick in trade figures may continue, as President Trump recently alluded to a “great deal” with China on trade that caused the Aussie to briefly soar.

AUD/USD Chart (5-minute)

AUD/USD 5-minute chart

Chart prepared in TradingView

Looking past the jump in prices, AUD/USD has remained in a dominant downtrend channel for the majority of this year due to interest rate differentials and global risk aversion. The currency pair recently carved a new 2018 low of 0.7021 and is now facing resistance at levels that formerly served as support. An invalidation of the descending trend line and reversal of these levels back to support may indicate a bearish reversal to come.

AUD/USD Chart (Daily)

AUD/USD Prices Aim Higher on Trade Balance Ahead of RBA Decision

Looking ahead, the sentiment-linked unit will continue to closely eye risk trends. Continued broad-based market aversion and losses in global equities may mean further losses in the long-run for the Aussie. In addition, AUD/USD will also be closely eyeing the releases of US employment and manufacturing data, as well as the Reserve Bank of Australia’s cash rate target at their November 6th meeting.

AUD/USD TRADING RESOURCES

--- Written by Megha Torpunuri, DailyFX Research Team

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

DISCLOSURES