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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • The oil-CAD relationship has been on display over the past month as both markets have been bursting with strength. Get your $USDCAD market update from @JStanleyFX here:https://t.co/nvbZVwg8NQ https://t.co/aVrf5Gws1Q
  • After making a fresh all-time high, Bitcoin has retreated slightly. Now trading back below $66,000 #Bitcoin $BTCUSD https://t.co/h7MRbR13Ju
  • NZD/USD takes out the September high (0.7170) as it extends the advance following the kneejerk reaction to the US consumer Price Index (CPI). Get your market update from @DavidJSong here:https://t.co/QtOtKrJ7X2 https://t.co/0ZP406evUS
  • FDA approves Moderna and Johnson & Johnson Covid booster shots - BBG $MRNA $JNJ
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.68% 🇦🇺AUD: 0.57% 🇨🇭CHF: 0.45% 🇬🇧GBP: 0.22% 🇪🇺EUR: 0.16% 🇯🇵JPY: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/s6QjvuMoVM
  • Fed's Mester: - My inflation forecast for this year has been revised - My expectations are that bottlenecks will last longer than originally expected
  • Fed's Mester: - Interest rate hikes are not coming anytime soon - As asset purchases slow down, we will have time to assess inflation and employment
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.66% Gold: 0.67% Oil - US Crude: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vFDDklTKD3
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.48%, while traders in Wall Street are at opposite extremes with 77.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ojedFqGrS2
  • The FTSE 100 index of leading London-listed stocks is in a good position to climb further, helped by Wall Street strength. Get your market update from @MartinSEssex here:https://t.co/DMsdDCgvLr https://t.co/CAdKQ1ENwv
AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD

AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD

Justin McQueen, Strategist

AUD Analysis and Talking Points

  • AUDUSD | Key Support in Focus
  • AUDJPY | Trend Signals Weak, Topside Resistance Holds
  • AUDNZD | Possible Bottom as Key Support Remains Firm

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

AUDUSD | Key Support in Focus

AUDUSD hovering below 0.7100 sees key support at 0.7067, which marks the 23.6% Fibonacci retracement, a move below would see a test of support at 0.7050. DMIs continue to show that the outlook remains tilted to the downside, with rallies in the pair likely to be capped at 0.7150 and 0.7200.

AUDUSD PRICE CHART: Daily Time Frame (Aug 2018 – Mar 2019)

AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD

Chart by IG

AUDJPY | Trend Signals Weak, Topside Resistance Holds

AUDJPY continues to trade below the 80.00, which keeps the outlook bearish albeit mildly so as momentum indicators ease. Alongside this, trend signals are weak, consequently, implying that AUDJPY may remain relatively range-bound in the near-term. As topside resistance at 79.80-80.00 holds a large pullback could see support at 78.30-50 come into focus.

AUDJPY PRICE CHART: Daily Time Frame (Oct 2018– Mar 2019)

AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD

Chart by IG

AUDNZD | Possible Bottom as Key Support Remains Firm

Dips below key support at 1.04 has failed to spark further selling in AUDNZD and given that trend signals remain weak, the 1.04 could continue to hold, further suggesting that the cross could have based out at 1.0370. However, while this may have been the case, there is little in the way of tentative signs that the cross will see in notable recovery. Topside resistance resides at 1.05, which marks the 50DMA.

AUDNZD PRICE CHART: Daily Time Frame (Jul 2018 – Mar 2019)

AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD

Chart by IG

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES