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
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
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Fed's Daly: - Inflation is unlikely to rise unnecessarily - Fed has not reached point in time where it would consider tapering
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 1.95% Gold: 1.76% Oil - US Crude: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rdHJz8jeUV
  • FTSE gained some momentum in recent trade. Test of big resistance over 7000 is important. Get your #FTSE market update from @PaulRobinsonFX here:https://t.co/nHvRtdyQ88 https://t.co/oR6dv1Nh4G
  • Fed's Daly: - Both the inflation and wage expectations are out of reach - We remain far from both inflation and employment targets - Monetary policy is a blunt instrument; other instruments are needed to maintain financial stability
  • Fed's Logan: - LIBOR transformation has made substantial strides - Aim of loosening counterparty rules is to make it easier for small money market funds to enter the market
  • Australian #Dollar Outlook: $AUDUSD Rips into April- #Aussie Breakout Levels - https://t.co/Zha7oaH2qQ https://t.co/dc93LMUuX4
  • Fed's Logan: - Fed intends to loosen counterparty conditions for overnight reverse repo facility counterparties - Any changes to the makeup of treasury purchases would be modest and technical adjustments to match the outstanding debt
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.92%, while traders in France 40 are at opposite extremes with 78.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/hMrnFoyKoF
  • Fed's Daly: - Frequency of Fed's market interventions is concerning - Fed market interventions are costly
  • Fed's Daly: - It is important to keep financial infrastructure secure and sound - The growth of financial tech is related to potential risks
Australian Dollar Forecast: Key AUD/USD, AUD/NZD Levels to Watch

Australian Dollar Forecast: Key AUD/USD, AUD/NZD Levels to Watch

Justin McQueen, Analyst

Australian Dollar Analysis and Talking Points

  • AUD/USD | Further Downside Opens Up As YTD Low Gives Way
  • AUD/NZD | Pulling Back as Kiwi Regains its Poise

AUD/USD | Further Downside Opens Up As YTD Low Gives Way

Month and quarter end rebalancing flows passed by without causing too much volatility, nonetheless it did provide AUD/USD with a modest bid. However, gains were short-lived with the pair back below 0.76 and softer than expected trade data prompting a break below the YTD (0.7562). In turn, having posted fresh 2021 lows the close will be important, in which a close below 0.7562 opens the door towards the 0.7500 handle. Meanwhile, on the topside, any recoveries are likely to be capped by the 100DMA situated at 0.7632. That said, with Q2 now upon us, I favour AUD weakness vs CAD, in which the latter is likely to be benefit from the US fiscal impulse, while a comparatively more hawkish BoC bodes well for the Loonie.

AUD/USD Chart: Daily Time Frame

Australian Dollar Forecast: Key AUD/USD, AUD/NZD Levels to Watch

Source: Refinitiv

Moving Average (MA) Explained for Traders

AUD/NZD | Pulling Back as Kiwi Regains its Poise

Failure to maintain a foothold above the 1.09 handle has seen AUD/NZD once again drifting lower as the Kiwi regains some poise after its recent capitulation. The cross is starting to trade at relatively rich levels compared to 10yr spreads and thus could see AUD/NZD extend its pullback. What’s more, the latest uptick in AUD/NZD had not been confirmed by the RSI, showing a bearish divergence. As it stands, the cross is currently testing support at 1.0830-45, while further support comes in at 1.08 (61.% Fib retracement). On the upside, resistance is situated at 1.0950 and 1.10. Going forward, I am biased for AUD/NZD to extend its pullback and would reassess view should the cross close above 1.10.

AUD/NZD Chart: Daily Time Frame

Australian Dollar Forecast: Key AUD/USD, AUD/NZD Levels to Watch

Source: Refinitiv

How to Trade AUD/USD
How to Trade AUD/USD
Recommended by Justin McQueen
How to Trade AUD/USD
Get My Guide

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

DISCLOSURES