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.

Free Trading Guides
EUR/USD
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
GBP/USD
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
USD/JPY
Mixed
Gold
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
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.61%, while traders in France 40 are at opposite extremes with 81.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fZ3KSsRIvM
  • Heads Up:🇺🇸 USD Baker Hughes U.S. Rig Count (NOV 22) due at 18:00 GMT (15min), Actual: N/A Expected: 797 Previous: 806 https://www.dailyfx.com/economic-calendar#2019-11-22
  • Huawei rebuts FCC's decision on banning it's products. States there is no basis in law and no evidence provided
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: -0.06% Silver: -0.36% Oil - US Crude: -1.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SYlt0FX1mG
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.08% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.02% 🇪🇺EUR: -0.27% 🇨🇭CHF: -0.38% 🇬🇧GBP: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WrqLvTMMpp
  • @JohnKicklighter https://t.co/dxs2U1Wrnp
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.24% France 40: 0.15% Germany 30: 0.11% US 500: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PXw3ELzXmv
  • Always ready with the details that the market really yearns for... https://t.co/O0kkkEQyOh
  • Trump says trade deal with China 'coming along very well' $SPX
  • #Gold Price Targets: $XAUUSD at Key Technical Support- $GLD Outlook - https://t.co/aqP6JwdGC4 https://t.co/PuyZTfO22w
GBPAUD Eyes Brexit Referendum Levels. AUDUSD, AUDJPY May Breakout

GBPAUD Eyes Brexit Referendum Levels. AUDUSD, AUDJPY May Breakout

2019-03-01 22:00:00
Daniel Dubrovsky, Analyst
Share:

Australian Dollar Technical Forecast

  • GBP/AUD’s rally may pause after stalling under 2016 Brexit Referendum levels
  • AUD/USD head and shoulders bearish reversal formation still remains in play
  • AUD/JPY facing the potential for a breakout above ascending triangle resistance

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

I casted another poll to see which Australian Dollar pairs traders were the most interested in seeing. This week the top two choices, in addition to AUD/USD, were GBP/AUD and AUD/JPY. Due to the increasing popularity of the vote, I will be conducting another one next week on my Twitter account which you may follow here @ddubrovskyFX. There, you will also find timely updates on the Australian Dollar.

GBP/AUD Technical Outlook:Neutral

The Aussie pair that arguably made the most amount of progress last week, rising almost 2%, was GBP/AUD. It added to an impressive bullish push that began two weeks ago, as anticipated. Yet, it was unable to push beyond critical resistance at 1.8732. In addition to this past week, this area was tested back in October and then in early January. It is preventing GBP/AUD from achieving its highest daily close since June 2016, the month of the Brexit Referendum.

Arguably, sustaining this momentum should require major fundamental support. Recently, this has been due to decreasing chances of a ‘no-deal’ Brexit as it could get delayed. But there are numerous uncertainties that remain for the British Pound ahead as pushing back the divorce would continue keeping the markets in suspense. Meanwhile, the sentiment-linked Australian Dollar is being primarily driven by volatile risk trends.

For technical considerations going forward, the presence of negative RSI divergence warns of ebbing upside momentum. Conveniently, this has occurred right as prices reached a stubborn resistance level. With that in mind, the pair might be in for a pause in its ascent ahead which would place support at 1.8508 followed by 1.8434. Still, we shouldn’t dismiss the possibility of the highest daily close since June 2016. But confirmation would be needed to argue that the dominant uptrend from December could resume. My forecast is neutral.

GBP/AUD Daily Chart

GBP/AUD

AUD/USD Technical Outlook: Bearish

Last week, I offered a bearish AUD/USD technical outlook after the formation of a head and shoulders reversal candlestick pattern. It still remains in play as we head into the new week, with resistance reinforced at the right shoulder between 0.7183 and 0.7206. The pair was unable to breach support beyond 0.7054 however, sitting above it towards the end of Friday’s session. A break under this area would be a warning sign that a new downtrend could ensue after a couple of months of consolidation. As such, the forecast remains bearish.

Looking for a fundamental perspective on AUD? Check out the Weekly AUD Fundamental Forecast.

AUD/USD Daily Chart

AUDUSD

AUD/JPY Technical Outlook:Bullish

Much like AUD/USD, AUD/JPY is also holding on to its candlestick formation. Except this one, an ascending triangle, is a bullish one. This past week, the pair reinforced the horizontal line of the triangle at 79.84 which is near-term resistance. Meanwhile, the rising support line from the beginning of this year remains in play. A break above the triangle would be a bullish signal which would ideally require confirmation. At that point, the pair faces a formidable range of resistance between 80.62 and 81.14. Taking this into consideration, the bullish call in AUD/JPY remains in play.

AUD/JPY Daily Chart

AUDJPY

* 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

News & Analysis at your fingertips.