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
Bullish
GBP/USD
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
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
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • The Singapore Dollar is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the $SGD and how to trade it. Get your update from @ddubrovskyFX here: https://t.co/eWLM9XZs5Y https://t.co/OWuwGML4Ch
  • RT @FT: Huawei admits that US sanctions are hurting https://t.co/GIT4XSfszx
  • RT @WSJecon: Mexico’s inflation eased in September, coming in line with the Bank of Mexico’s 3% target for the first time in three years ht…
  • My phone's decided to give up the ghost and I've been phoneless for 24 hours. Not coincidentally, I've been a machine tackling errands around the house. What a time to be alive.
  • #Gold remains stuck in a range as a range of conflicting forces battle and fail to take control of price action. Get your $gld market update from @nickcawley1 here: https://t.co/pw7UjkUyqH $XAUUSD https://t.co/YD8L6knjhe
  • Geopolitical developments send oil prices soaring or falling. Get your market update here: https://t.co/0znHZPvPON https://t.co/s358dvMBeR
  • Currency markets may be battered by breakneck volatility if a slowdown in global economic growth triggers a collapse in the fragile market for collateralized loan obligations (CLOs). Get your market update from @ZabelinDimitri here:https://t.co/KfjjtaXs7b https://t.co/sWeSlv33pb
  • The #Dow Jones and #Nasdaq 100 will await key earnings from some of the world’s largest manufacturers and tech companies while the #DAX grapples with freshly-imposed tariffs. Get your equities market update from @PeterHanksFX Here: https://t.co/u2lG19JFt3 https://t.co/OHs4rQEH7T
  • Crude #oil prices are consolidating above a key support zone we’ve been tracking for more-than three months now. Get your market update from @MBForex here: https://t.co/XaACvEpLG4 #OOTT https://t.co/XjmjUt4Par
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/SYduJ5k9mL
AUD/USD Outlook Mixed, AUD/NZD and GBP/AUD Flirt with New Trends

AUD/USD Outlook Mixed, AUD/NZD and GBP/AUD Flirt with New Trends

2019-04-05 22:00:00
Daniel Dubrovsky, Analyst
Share:

Australian Dollar Technical Forecast

  • Is AUD/USD about to end its choppy trading dynamic?
  • AUD/NZD dominant downtrend over, outlook bullish
  • GBP/AUD overshadowed by conflicting price signals

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

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

AUD/USD Technical Outlook:Neutral

The Australian Dollar has been trading in a choppy range against the US Dollar in the aftermath of its decline in early February. AUD/USD may soon however find itself running out of room to consolidate as it approaches the border of two intersecting lines on the 4-hour chart below. Descending resistance goes back to late January and rising support from the early phases of March.

Negative RSI divergence, showing fading upside momentum,hints that perhaps the Aussie is due for another retest of support after failing to breach resistance this past week. Confirmation is always key when it comes to breakouts. In the event of one lower, keep an eye on the psychological barrier just above 0.7050. Otherwise, should the pair climb above the descending trend line, the next area of resistance seems just under 0.72069.

AUD/USD 4-Hour Chart

AUD/USD 4Hr Chart

AUD/NZD Technical Outlook:Bullish

Against the New Zealand Dollar, AUD has made an impressive bullish push these past few weeks. We haven’t seen such consistent aggressive behavior since the end of June 2018. Fundamentally this has come in the aftermath of a dovish RBNZ, which hinted that it sees chances of a cut as the more likely next move. The focus for this pair is arguably respective monetary policy bets as a ‘risk-neutral’ currency pair.

On the daily chart below, the result of this has been a breakout through the well-defined falling trend line from August. With much confirmation at this point, the dominant downtrend since then appears to be over. From here, near-term resistance is a range between 1.0639 and 1.0670. Immediate support seems to be at 1.05439. For more updates on the Australian Dollar, feel free to follow me on twitter here @ddubrovskyFX.

AUD/NZD Daily Chart

AUD/NZD Chart

GBP/AUD Technical Outlook: Neutral

Looking at the British Pound next, there appears to be conflicting price signals in GBP/AUD. On the one hand, the pair has broken under a rising trend line from December. Though this is not quite with the same enthusiasm as the upside breakout in AUD/NZD. On the other hand, a falling wedge, which is a bullish signal, seems to be undermining the descent through the upward-sloping support line.

Hesitation here may be because of the ongoing Brexit saga which is clouding the fundamental outlook for Sterling. As such, significant technical progress in GBP should be treated with a grain of salt. If the bullish price signal prevails, clearing the ceiling of the wedge exposes 1.8732. Otherwise, ending the dominant uptrend from the end of last year opens the door to testing 1.79916.

GBP/AUD Daily Chart

GBP/AUD 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

News & Analysis at your fingertips.