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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
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
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.02% 🇯🇵JPY: -0.09% 🇨🇭CHF: -0.23% 🇦🇺AUD: -0.24% 🇪🇺EUR: -0.28% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0VwHnTmEQU
  • How to Read a Candlestick Chart...#trading #candlesticks #analysis @DailyFX https://t.co/vQuWEoaYz8
  • USD/MXN Price Forecast: A Risk of a Possible Reversal- USD vs Mexican Peso More details in the link below: https://www.dailyfx.com/forex/technical/article/special_report/2020/04/08/USDMXN-Price-Forecast-A-Risk-of-a-Possible-Reversal-USD-vs-Mexican-Peso-MK.html?CHID=9&QPID=917714 https://t.co/Q8bfVUbgnr
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.26% US 500: -0.43% Germany 30: -1.12% France 40: -1.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hq1dYt2NIv
  • LIVE NOW! Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Psychologist & Trading Coach Brett Steenbarger,discusses his views on ✔️ Trading psychology ✔️ Identifying market tops and bottoms. ✔️ Technical analysis and market psychology relationship Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/Twr44cZ1GB https://t.co/WBmhA7EOHo
  • LIVE IN 30 MIN: Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Nigeria has made the conscious decision to shut down all its oil refineries
  • ECB's Kazaks says the ECB can expand and extend stimulus scheme if needed, adds that capital key deviation will be short-term and operational $EUR
  • Los #Coronabonos vuelven a dividir a Europa, $EURGBP en busca de dirección clara #eur #gbp #trading https://t.co/BVavtxXGr0
AUD/USD Price Outlook: Australian Dollar Primed for Breakdown?

AUD/USD Price Outlook: Australian Dollar Primed for Breakdown?

2019-08-22 22:30:00
Rich Dvorak, Analyst
Share:

AUDUSD: AUSTRALIAN DOLLAR LOOKS RIPE FOR MAJOR TECHNICAL BREAK

Spot AUDUSD has sunk over 6% from its year-to-date high of 0.7295 printed back in January and selling pressure appears set to continue. The Australian Dollar has stumbled largely owing to US-China trade war fallout which is a theme that will likely continue for the foreseeable future. Also, broad-based US Dollar strength driven by safe-haven demand amid slowing global GDP growth and flashing recession signals exacerbated downside in spot AUDUSD.

AUDUSD PRICE CHART: MONTHLY TIME FRAME (MARCH 2008 TO AUGUST 2019)

Australian Dollar Price Chart Technical Analysis

Spot AUDUSD has been on a steady decline since upward momentum ran out of steam at the 1.1000 price level back in 2011. Although AUDUSD briefly recovered from January 2016 to January 2018, which allowed the currency pair to form a longer-term uptrend extended from its October 2008 swing low, selling picked back up after dipping below technical support from its bullish trendline and 76.4% Fibonacci retracement highlighted in the chart above. Since then, the persistent drift downward has pushed spot AUDUSD back to its lowest level since the Great Financial Crisis over a decade ago.

AUDUSD PRICE CHART: DAILY TIME FRAME (DECEMBER 31, 2018 TO AUGUST 22, 2019)

Spot AUDUSD Price Chart Technical Analysis

Battered by negative externalities from the US-China Trade War, spot AUDUSD continues to struggle to catch bid as uncertainty surrounding Sino-American trade relations lingers. Even with the prospect of a dovish Federal Reserve capitulating to the market’s lofty interest rate cut expectations, price action keeps getting strong-armed lower. That said, if spot AUDUSD price action fails to reclaim the 0.6800 handle soon, the currency pair stands to continue – and possibly steepen – its overarching downtrend.

AUDUSD PRICE CHART: 4-HOUR TIME FRAME (JULY 28, 2019 TO AUGUST 22, 2019)

AUD Rate Technical Forecast

The struggle to eclipse 0.6800 becomes more apparent when honing in on a closer time frame. AUDUSD weakness endures even despite better than expected Australian jobs data and less-dovish than expected outlook from the Reserve Bank of Australia (RBA) in addition to US President Trump taking his additional tariff threat on Chinese goods off the table for now. As such, spot AUDUSD may quickly sink to retest its 2019 low if major technical confluence around the current price level gives way – particularly with bearish fundamental headwinds surrounding trade war risk and Fed monetary policy.

-- Written by Rich Dvorak, Junior Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES

News & Analysis at your fingertips.