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
EUR/USD
Bearish
Oil - US Crude
Bullish
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
Bearish
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
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/ZDuee58Abe
  • 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/BdgFmkRxVw https://t.co/niJL2W2yXV
  • 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/Yl9vM7kO6a https://t.co/0rNbbrd58e
  • 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/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • 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/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
AUD/USD, AUD/CAD & EUR/AUD Prices Eye Technical Reversal Patterns

AUD/USD, AUD/CAD & EUR/AUD Prices Eye Technical Reversal Patterns

Daniel Dubrovsky, Strategist

Talking Points – AUD/USD, AUD/CAD, EUR/AUD, Head and Shoulders, Morning Star, Shooting Star

  • Australian Dollar may be on the verge of gaining next after declines in final moments of 2018
  • AUD/USD, EUR/AUD have reversal patterns and trend line breaks. Confirmation is needed
  • AUD/CAD completes Head and Shoulders bearish reversal, may fall in the long run ahead

Have a question about what’s in store for Australian Dollar next week? Join aTrading Q&A Webinarto ask it live!

AUD/USD Technical Outlook: Bullish

Generally the Australian Dollar experienced broad weakness in its final moments of 2018 as anticipated, that may change as 2019 is underway. In the aftermath of last week’s flash crash as a result of Apple slashing revenue projections, AUD has set itself up for bullish reversal attempts in the week ahead. Starting with AUD/USD, we now have a Morning Star reversal pattern on the daily chart.

This formed after the pair dived through 2015 and 2016 lows, temporarily touching 2009 lows before trimming losses in very illiquid trading conditions. Friday saw AUD/USD rise by the most in one day since November at about +1.62%. Not only did this complete the Morning Star, but a push was made above a near-term descending resistance line from December.

This also occurred amidst positive RSI divergence which signaled fading downside momentum. With that in mind, we may see the Australian Dollar clock in gains against the greenback. As it stands, the pair sits just below a range of resistance between 0.71645 and 0.71452 which includes lows from December and May 2016. Climbing above this area may open the door to testing the descending resistance line from July.

AUD/USD Daily Chart

AUDUSD Daily Chart

AUD/CAD Technical Outlook:Bearish Long-Term

A similar story unfolded in AUD/CAD in recent days. The flash crash resulted in the pair briefly touching 2013/2015 lows as anticipated via my top trading opportunities in 2019. In addition, the decline occurred after the formation of a bearish Head and Shoulders reversal formation pointed out back in December. This does leave AUD/CAD attractive from a bearish perspective.

After the impressive performance in the Aussie on Friday, AUD/CAD rose but still found itself under the neckline of the Head and Shoulders pattern around 0.95548. I believe that this still leaves it biased bearish from a longer-term technical perspective. If the Aussie outperforms this week, I would watch for a daily close above the descending range of resistance from the head of the candlestick pattern. A close above that opens the door to testing resistance next around 0.96696. Otherwise, downtrend resumption has 0.93266 eyed as support.

AUD/CAD Daily Chart

AUDCAD Daily Chart

EUR/AUD Technical Outlook:Bearish

Meanwhile EUR/AUD prices may be on the verge of overturning the dominant uptrend from December. The Shooting Star candlestick was followed with the most aggressive decline in the pair on a daily basis since October 2016. In addition, EUR/AUD also closed under a near-term rising support line from December. This does leave the pair sitting right on top of a horizontal range of support between 1.60128 and 1.59855.

Opposite in what we saw in AUD/USD, we had positive RSI divergence precede the pair’s intense drop. A close under support may confirm prospects of a bearish reversal. That would open the door to testing 1.58806 followed by 1.57141 next. Meanwhile resistance appears to be the peak of the Double Top bearish reversal pattern seen back in the final two quarters of 2018 which is around 1.63544.

EUR/AUD Daily Chart

EURAUD Daily Chart

** Charts created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES