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.

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
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
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
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Thin liquidity can concentrate volatility and nowhere is that more evident than with Dogecoin. $DOGEUSD was down as much as 38% today. Watch for heightened bouts of volatility amid quiet risk trends in the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/04/17/Dollar-Outlook-Ties-Into-Key-Data-Rate-Forecasts-and-Even-Dogecoins-Rally-.html https://t.co/JO7O7zUKe9
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/Vv3jZNbLWg
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkzWwW https://t.co/9j004hyzUZ
  • Learning how to trade does not have to feel foreign. Hone your skills and build your confidence with free DailyFX guides today! https://t.co/lnxaQOsgid https://t.co/7myL4vGnt8
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yxE0OmLIP0
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUd00T https://t.co/iSrjZTeWwf
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/WeLInepZiD https://t.co/7B0KI8HehW
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
AUD/USD Analysis: Aussie Dollar Nearing 2020 High Ahead of NFP Data

AUD/USD Analysis: Aussie Dollar Nearing 2020 High Ahead of NFP Data

Richard Snow, Markets Writer

AUD/USD Analysis:

  • AUD/USD has continued its impressive rise since the March low buoyed by increasing commodity prices and a softer dollar
  • Should the current momentum continue, the Aussie Dollar could be within striking distance of the yearly high as the focus shifts to US NFP data on Friday
  • IG Client Sentiment data shows nearly 60% of traders remain short amid surge in daily and weekly longs

Aussie Dollar Eyes Yearly High Should Bullish Run Continue

The Australian Dollar has enjoyed a prolonged bullish run, buoyed by rising commodity prices and a weaker US Dollar. The pair surged above the June swing high (0.7064) and the 61.8% Fib level (drawn from the 2018 high to the 2020 low) and now looks the next area of potential resistance at 0.7295 – the yearly high.

NFP data on Friday has the potential to increase volatility in the pair as the American economy struggles to reduce unemployment however, estimates suggest 1.6 million jobs are to have been created in July.

AUD/USD Daily chart

AUD/USD Daily Chart

Chart prepared by Richard Snow, IG

US Dollar Poses Potential Challenge for Aussie Bull Run

While the Australian Dollar has strengthened against the US Dollar, the greenback is at a crucial juncture as it looks to hold above the recent area of resistance of 9250 as the RSI edges closer to breaking above the oversold zone, which has not occurred yet.

AUD/USD Key Technical Levels

Should the 9250 level hold for the DXY, AUD bears may halt or apply downward pressure to the current AUD/USD bullish move. A turn lower for the pair brings the 61.8% Fib level back into focus and potentially the 0.7000 psychological level.

On the other hand, should DXY break down below 9250 it then brings into play the 9200 psychological level which may turn out to be supportive of a further advance in AUD/USD. Areas of potential resistance for Aussie bulls include the yearly high of 0.7295, followed by the 0.7394 swing high and potentially the 0.7500 psych level.

AUD/USD Weekly Chart with Key Levels

AUD/USD Weekly Chart

Chart prepared by Richard Snow, IG

IG Client Sentiment Not Ruling Out a Reversal

  • At the time of writing, AUD/USD retail trader data shows 40.40% of traders are net-long with the ratio of traders short to long at 1.48 to 1
  • When operating with a contrarian view with respect to IG Client Sentiment, the fact traders are net- short suggests AUD/USD prices may continue to rise.
AUD/USD Mixed
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 2% -3% -1%
Weekly -12% 24% 5%
Find out where most AUD/USD traders are positioned
Get My Guide
  • The number of traders net-long is 14.00% higher than yesterday and 11.36% higher from last week, while the number of traders net-short is 1.32% lower than yesterday and 0.42% higher from last week.
  • Traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current AUD/USD price trend may soon reverse lower despite the fact traders remain net-short.

--- Written by Richard Snow for DailyFX.com

Contact and follow Richard on Twitter: @RichardSnowFX

https://www.dailyfx.com/sentiment

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

DISCLOSURES