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.

Free Trading Guides
EUR/USD
Bullish
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
Mixed
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
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
Bitcoin
Mixed
More View more
Real Time News
  • #SP500 futures gapped lower, trading just on the cusp of support at 3293.75, the lowest point since February 5 https://t.co/jC543ifCrq
  • South Korea Finance Minister says he will implement extraordinary measures to counter the impact of #Covid_19 as the virus threatens the country's recovery (LiveSquawk)
  • APAC equities may be in for a rough start to the week as #coronavirus🦠 fears infect market mood with #AUDUSD and #NZDJPY falling as gold prices gap higher. More to follow. https://t.co/MMBrfdLIao
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/qmSjvA36XH
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! - https://t.co/RgnsklZ2Gl
  • Long wick candles are recurrent within the forex market. This makes understanding the meaning behind these candles invaluable to any trader to comprehend the market dynamics during a specific period. Learn about the importance of extended wicks here: https://t.co/IMDU0nnUQo https://t.co/9EBU0gVtqm
  • LIVE NOW: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead! https://www.dailyfx.com/webinars/175202251
  • - Malaysia🇲🇾 - Nepal🇳🇵 - Philippines🇵🇭 - Russia🇷🇺 - Sri Lanka🇱🇰 - Singapore🇸🇬 - Spain🇪🇸 - Sweden🇸🇪 - Thailand🇹🇭 - South Korea🇰🇷 - United Arab Emirates🇦🇪 - United Kingdom🇬🇧 - United States🇺🇸 - Vietnam🇻🇳
  • Countries with confirmed #Covid_19 cases: - China🇨🇳 - Hong Kong🇭🇰 - Macau🇲🇴 - Taiwan🇹🇼 - Australia🇦🇺 - Belgium🇧🇪 - Cambodia🇰🇭 - Canada🇨🇦 - Egypt🇪🇬 - Finland🇫🇮 - France🇫🇷 - Germany🇩🇪 - India🇮🇳 - Iran🇮🇷 - Israel🇮🇱 - Italy🇮🇹 - Japan🇯🇵 - Lebanon🇱🇧
  • LIVE IN 30 MIN: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead! https://www.dailyfx.com/webinars/175202251
AUD Price Outlook: Downward Trend in AUDUSD Accelerating

AUD Price Outlook: Downward Trend in AUDUSD Accelerating

2019-05-15 09:30:00
Martin Essex, MSTA, Analyst and Editor
Share:

AUD price, news and analysis:

  • Weakness in the Australian Dollar looks to be gathering speed as traders opt for safe havens amid poor risk sentiment.
  • Disappointing data from both Australia and China aren’t helping, with AUD seen as a proxy for the Chinese economy.

Australian Dollar stumbling

AUDUSD looks to be accelerating to the downside as concern about the US-China trade war makes traders wary of riskier assets. Poor data Wednesday from both China and Australia are helping it weaken too, with AUD seen as a proxy for China’s economic wellbeing.

On the trade war front, tensions seem to be easing a tad, with US President Donald Trump tweeting that “when the time is right we will make a deal with China”. However, that prompted only a minor recovery in risk sentiment and did little to help AUD.

AUDUSD Price Chart, Hourly Timeframe (April 24 – May 15, 2019)

Latest AUDUSD price chart.

Chart by IG (You can click on it for a larger image)

Moreover, weak retail sales and industrial production figures from China darkened the gloom. Industrial output rose by just 5.4% year/year in April, down from the previous 8.5% and missing economists’ forecasts of a 6.5% increase. Retail sales rose by 7.2% year/year, missing expectations of 8.6% growth and down from the previous 8.7%.

As for Australia itself, the Westpac measure of consumer confidence in May edged up by just 0.6% to 101.3 – a much smaller increase than the 1.9% jump in April although still above the 100 mark that separates optimism from pessimism.

AUDUSD has now fallen to its lowest level since January 3 and, from a technical perspective, looks to be breaking to the downside from a normally-bullish falling wedge chart pattern. AUDJPY looks to be gaining downside momentum too, as JPY strengthens on the continuing demand for havens.

Check out our guide to safe havens and how to trade them here

AUDJPY Price Chart, Hourly Timeframe (April 19 – May 15, 2019)

Latest AUDJPY price chart.

Chart by IG (You can click on it for a larger image)

AUDUSD and AUDJPY are among the most volatile currency pairs. Here’s what you need to know about them

Resources to help you trade the forex markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

DISCLOSURES

News & Analysis at your fingertips.