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
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • The trio of central banks overseeing the commodity currencies have already cut their main rates to all-time lows. Get your market update from @CVecchioFX here: https://t.co/OSUXrN5P3j https://t.co/Cxt86jl28N
  • The Japanese Yen fell for a third consecutive week with price testing resistance into June open. Here are the levels that matter on the $USDJPY weekly technical chart. Get your #currencies market update from @MBForex here: https://t.co/1QPXP0g7Ew https://t.co/WUtXHoRoQX
  • $USDZAR: A rally from here could be an important tell as to whether the level seen as support previously (17.76) will turn into a point of resistance for sellers to lean against. Get your $USDZAR technical analysis from @PaulRobinsonFX here:https://t.co/TNsQ4JJu6E https://t.co/I4yCjs2ja0
  • The US dollar continued to sell-off this week and the greenback’s future will be decided by commentary from the White House and not the Federal Reserve over the coming days and weeks. Get your #currencies market update from @nickcawley1 here: https://t.co/lpHneO3s2h https://t.co/bZ5klohLNd
  • #Gold prices have continued to push higher as expectations have built for global Central Banks to remain very loose and passive with monetary policy for the foreseeable future. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/h5tF3kAZfd https://t.co/VAYy9FGHcQ
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/YvoHlUsdVr
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/X15k6b4ZyB
  • The month of May saw equities rise across the board. The #Dow Jones and #DAX 30 will look to hold above nearby support while the #Nasdaq 100 may look to attack all-time highs. Get your #equities market update from @PeterHanksFX here: https://t.co/dQxkG68R0I https://t.co/cgfcOs14qG
  • There is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming.Get your market update from @CVecchioFX here: https://t.co/eMd3T8EwDO https://t.co/56oUP6we9U
  • The #DAX has now closed the gap from the beginning of March with the index breaking above 61.8% fib at 11592. Get your DAX market update from @JMcQueenFX here: https://t.co/wr67nkxc8z https://t.co/CkxPZn1v3t
Australian Dollar May Rise as Week Starts After Dow Jones Rallied

Australian Dollar May Rise as Week Starts After Dow Jones Rallied

2020-04-26 20:30:00
Daniel Dubrovsky, Analyst
Share:

Australian Dollar, AUD/USD, Wall Street, Japanese Yen, Euro – Asia Pacific Market Open

  • Australian Dollar pressuring resistance after US equities rose
  • Asia Pacific stocks may follow Wall Street, placing Yen at risk
  • Bank of Japan due ahead, Euro eyeing Italy lockdown easing

Australian Dollar Pressuring Resistance After US Equities Found Upside Momentum

The growth-linked Australian Dollar cautiously rose on Friday as it benefited from an uptick in market sentiment into Wall Street close. Gains in the Aussie were somewhat restrained due to a somewhat pessimistic tone during the European trading session. While the DAX 30 and FTSE 100 closed -1.69% and -1.28%, the Dow Jones and S&P 500 finished +1.11% and +1.39% respectively.

Forex for Beginners
Forex for Beginners
Recommended by Daniel Dubrovsky
Forex for Beginners
Get My Guide

A couple of factors may have been behind gains in US equities. President Donald Trump signed off on a $484 billion interim stimulus package to help combat the economic fallout of Covid-19. This is as his European counterparts - while agreeing on a $580 billion short term package - failed to find an accord on a longer-term solution. Meanwhile University of Michigan sentiment surprised at 71.8 in April versus 68.0 expected.

Overall Friday was a rather quiet session for foreign exchange markets. The haven-linked US Dollar did lose a little bit of ground. My majors-based USD index even took out a near term rising support line, hinting at what could be a sign of weakness ahead. The Canadian Dollar also struggled even though crude oil prices largely traded sideways and appeared to stabilize after briefly turning negative earlier in the week.

Monday’s Asia Pacific Trading Session

With that in mind, Asia Pacific equities may follow Wall Street higher as the session gets going. Weekend futures tracking North American equities are fairly mute. This is despite virus fatalities from European nations touching their lowest in weeks. Italy’s Prime Minister Giuseppe Conte announced that the nation will start easing lockdowns beginning on May 4. That could perhaps offer a near term boost to the Euro ahead.

Should equity indexes such as the Nikkei 225 or ASX 200 push higher, the anti-risk Japanese Yen could see some selling pressure. The Bank of Japan rate decision is due later today at an unspecified time. Japan’s central bank is expected to leave the policy balance rate and 10-year yield target unchanged. But it could introduce or expand on existing programs to help stem the economic fallout of the virus.

Starts in:
Live now:
Jun 03
( 00:06 GMT )
Recommended by Daniel Dubrovsky
What Do Other Traders Buy/Sell Bets Say About Price Trends?
Register for webinar
Join now
Webinar has ended

Australian Dollar Technical Analysis

AUD/USD may continue pressuring key resistance which is a range between 0.6385 to 0.6407. The Aussie has been consolidating as of late with the lower boundary of support at 0.6250. Further upside progress would mean also testing falling resistance from December – red lines on the 4-hour chart below. That would expose the current April high at 0.6445.

AUD/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -17% -6% -9%
Weekly -8% -2% -4%
What does it mean for price action?
Get My Guide

AUD/USD 4-Hour Chart

Australian Dollar May Rise as Week Starts After Dow Jones Rallied

Chart Created Using TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

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

https://www.tradingview.com/symbols/AUDUSD/?exchange=FX_IDC

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

DISCLOSURES

News & Analysis at your fingertips.