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
EUR/USD
Bullish
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
Bullish
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
  • 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/S9CEcBm5Qe https://t.co/Dl0XNLJ8FM
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.13% Wall Street: 0.10% US 500: -0.01% France 40: -0.39% FTSE 100: -1.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hPEruv9ifF
  • It was quite telling that during the Q1 crash, no central bank with negative rates went deeper into negative territory https://t.co/8TFclrghkE
  • Nothing like a good old August melt-up in $USDTRY - Reminder, next Turkish Central Bank Rate Decision is scheduled for Aug 20th - Record high 7.26 https://t.co/yhyBZ3qZCJ
  • Gold Price Surge May Be Losing Steam, US Fiscal Stimulus Eyed - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/08/06/Gold-Price-Surge-May-Be-Losing-Steam-US-Fiscal-Stimulus-Eyed.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold #stimulus https://t.co/fBBfTC9nvW
  • BoE Governor Bailey says negative rates are in the toolkit, but it is not in the current plan to use them $GBP
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/CVJCHaxfJs
  • State banks need to "TRY" harder to curb this selling https://t.co/5uxrOsqf6t
  • 🇬🇧 Construction PMI (JUL) Actual: 58.1 Expected: 57 Previous: 55.3 https://www.dailyfx.com/economic-calendar#2020-08-06
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to learn about how you can become a better trader. Register here: https://t.co/WeWGKtdlyz https://t.co/v5GUzpuLei
Australian Dollar Technical Forecast: AUD/USD, AUD/NZD Risks Reversal

Australian Dollar Technical Forecast: AUD/USD, AUD/NZD Risks Reversal

2019-11-08 09:00:00
Justin McQueen, Analyst
Share:

AUD Analysis and Talking Points

  • AUD/USD | Risking a Reversal
  • AUD/NZD | Upside Limited, Risk-Reward Favours Pullback

AUD/USD | Risking a Reversal

The upside in AUD/USD has once again stalled ahead of trendline resistance and the 200DMA (0.6946). In turn, with bullish DMI’s edging lower, this raises the likelihood for a potential reversal in the pair with support at 0.6849 (100DMA) in focus. That said, given that we believe that we have seen the major low in the pair at 0.6668, dips in the pair are likely to be well supported as the mood music with regard to US-China trade wars improves.

AUD/USD Price Chart: Daily Time Frame (Nov 2018Nov 2019)

Australian Dollar Technical Forecast: AUD/USD, AUD/NZD Risks Reversal

AUD/NZD | Upside Limited, Risk-Reward Favours Pullback

AUD/NZD has continued to push higher, reaching a fresh 2019 peak of 1.0865. However, while momentum indicators are increasingly bullish, trend indicators (ADX) have yet to provide confirmation to the recent upside, which in turn may suggest that the upside move is somewhat exhausted. Therefore, further gains in the cross could be limited to 1.09. That said, the focus for the cross will be the RBNZ rate decision in which money markets are pricing in a 64% likelihood of a rate cut. Although, while risks are tilted towards a cut, following an uptick in the unemployment rate in the recent jobs report, as such, any upticks in the cross favours a pullback on a risk-reward basis.

AUD/NZD Price Chart: Daily Time Frame (Dec 17Nov 19)

Australian Dollar Technical Forecast: AUD/USD, AUD/NZD Risks Reversal

--- 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

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.