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AUD Analysis and Talking Points

  • AUDUSD | DMA Support Curbs Further Selling
  • AUDJPY | Scope for Continued Downside
  • AUDNZD | Weak Trend Signals Point to Consolidation

See our Q1 FX forecast to learn what will drive the currency throughout the rest of the year.

AUDUSD | DMA Support Curbs Further Selling

Recent gains in the pair have stalled, having failed to consolidate above 0.72. Support at 0.7175 (100DMA) has curbed further selling in AUDUSD. A break below however, raises the risk of the drop to 0.7140. Momentum indicators remain bearish, although this has moderated recently, consequently, downside pressure in the pair could ease in the short term.

AUDUSD PRICE CHART: Daily Time Frame (Jul 2018 – Jan 2019)

AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD

Chart by IG

AUDJPY | Scope for Continued Downside

While the cross may have broken above the descending trendline, AUDJPY failed to reach 78.70 and has since pushed back below 78.00. Momentum indicators continue to point to further losses on the horizon, which in turn could see AUDJPY make a test of the 77.00 handle.

AUDJPY PRICE CHART: Daily Time Frame (Sep 2018Jan 2019)

AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD

Chart by IG

AUDNZD | Weak Trend Signals Point to Consolidation

AUDNZD remains magnetised around the rising trendline from the record low. Alongside this, momentum indicators suggest that there could be little in the way of firm direction with trend signals pointing towards a period of consolidation for the time being. Topside resistance is situated at 1.0640, which marks the Jan 8th high, this would need to be breached to increase scope towards 1.07. Outlook remains cautiously bullish.

AUDNZD PRICE CHART: Daily Time Frame (May 2018 – Jan 2019)

AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD

Chart by IG

G10 FX Technical Reports

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX