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
GBP/USD
Bullish
USD/JPY
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
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The Euro’s struggle to move higher against a range of currencies continues and without further support this is likely to continue into the year-end. Get your $EURUSD market update from @nickcawley1 here: https://t.co/myZ7R0eGUb https://t.co/12WJd53Cx4
  • The #Dow Jones moved confidently higher last week as it added onto recent gains. Now, #stocks will aim to continue their rally while enjoying support from prior all-time highs. Get your technical analysis on #equities from @PeterHanksFX here: https://t.co/Qb89HIWxBY https://t.co/HMguTvD157
  • How can you trade #forex after a major release? Find out: https://t.co/sdxcXb8q60 #tradingstyle https://t.co/LNcbvVhIc2
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/mk1w1DM2Rh https://t.co/m763epaH2C
  • Crude #oil prices, $NOK and $SEK may rise if Donald Trump’s speech on trade war developments amplifies market buoyancy against the backdrop of critical US CPI and retails sales data. Get your market update from @ZabelinDimitri here:https://t.co/5rdK7xsQNq https://t.co/YnlQjKNZdS
  • RT @next_china: U.S., China chief trade negotiators spoke by phone on Saturday, Xinhua reports https://t.co/dMQtd0g4jY
  • The $AUDUSD and $EURUSD downtrend may prolong as traders counterintuitively buy into their descent. Meanwhile, the USD/CAD uptrend may accelerate on rising net-short bets. Get your market update from @ddubrovskyFX here: https://t.co/dlzJ31kf3f https://t.co/xp8P9MmCgb
  • As we head into next week, Cable is continuing to digest the massive leg higher last month, which at some point soon could mean another surge. Get your $GBPUSD technical analysis from @PaulRobinsonFX here: https://t.co/LJ42YhDe3X https://t.co/5hGwhGBpLB
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/urMnUCq4fn
  • RT @markets: White-hot pot stocks have flamed out in spectacular fashion https://t.co/3GsVsRyZaZ
Australian Dollar Forecast: AUDUSD & AUDJPY Eye Trend Resistance

Australian Dollar Forecast: AUDUSD & AUDJPY Eye Trend Resistance

2019-09-09 20:29:00
Rich Dvorak, Junior Analyst
Share:

AUSTRALIAN DOLLAR PRICE OUTLOOK FOR AUDUSD & AUDJPY:

The Australian Dollar has notched an impressive rebound from decade lows printed last month as currency traders reassess the latest rhetoric surrounding the US-China trade war. We noted mid-August that AUDUSD & AUDJPY skyrocketed on tariff delay reports, but the move was short-lived as sentiment largely remained damaged.

A firm stance conveyed at the September RBA meeting followed by further upbeat headlines on the US-China trade war helped propel the Australian Dollar higher as volatility plunged and risk assets surged. The move to the upside in spot AUDUSD & AUDJPY is likely being exacerbated by news that China’s central bank – the PBoC – will cut its reserve requirement ratio (RRR) seeing that the monetary stimulus stands to unleash CNY 900 billion in liquidity.

AUDUSD PRICE CHART: DAILY TIME FRAME (JANUARY 17, 2019 TO SEPTEMBER 09, 2019)

Australian Dollar AUDUSD Price Chart Technical Analysis

Barring no major shift in the fundamental landscape, forex traders may find solace turning to the charts for insight on where Australian Dollar price action heads next. Spot AUDUSD has cleared the 23.6% Fibonacci retracement level of its year-to-date trading range and will be constructive to hold this area of resistance-turned-support going forward. Also, topping the 50-day simple moving average was also a positive development for AUDUSD bulls. Yet, the swing lows printed by spot AUDUSD in May and June highlights major confluence that must be overcome for upward progression to continue as spot prices approach the 0.6900 handle.

AUDJPY PRICE CHART: DAILY TIME FRAME (APRIL 12, 2019 TO SEPTEMBER 09, 2019)

Australian Dollar AUDJPY Price Chart Technical Analysis

As for AUDJPY, this largely sentiment-driven currency pair is nearing bearish trend resistance extended from its April 16 and July 22 swing highs. This major technical obstacle stands to serve as a major headwind which could thwart the streak of gains currently on pace for 6-days straight. The 38.2% Fibonacci retracement level of AUDJPY’s bearish leg from April to August also underscores technical resistance faced by spot prices. Although, the 50-day simple moving average may be looked to for potential support now that AUDJPY has topped this area.

-- 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.