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.

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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/lKvEMf4QRe
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here: https://t.co/GGVrB3r7if https://t.co/HPHUC8EG3o
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/q80wSAoxXP
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/7mc19Gxrvm
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/09/26/Gold-Price-Outlook-Rising-US-Dollar-Sinks-XAUUSD-Will-Losses-Extend.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gPhy0KoW3W
  • 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/38gTDnpPbn https://t.co/Xtk5g4JQEB
  • 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/3Wked6GBOp https://t.co/SsUguHB39W
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/aD1ZWhTWZp
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here: https://t.co/719LgjFmYG https://t.co/SSoqjONUzA
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here: https://t.co/HJpngnerzY https://t.co/g6X8ABQDwY
AUD/USD and EUR/AUD May Be at Turning Points, Facing Trend Lines

AUD/USD and EUR/AUD May Be at Turning Points, Facing Trend Lines

2019-04-19 22:00:00
Daniel Dubrovsky, Analyst
Share:

Australian Dollar Technical Forecast

  • The Australian Dollar may be at turning points versus USD, EUR
  • AUD/USD may test the floor of rising channel as resistance held
  • EUR/AUD at turning point, more declines exposes downtrend risk

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

AUD/USD Technical Outlook

The Australian Dollar remains in an ascending channel against its US counterpart that took shape in late February. AUD/USD’s recent performance does hint that it could be readying to test the floor of the channel, hinting of cautious losses in the coming days. This is mainly due to near-term resistance holding which is a range between 0.7184 and 0.7207 on the daily chart below.

Whether or not there may be follow through will depend on how support holds. The former descending resistance line from late January (blue dotted line below) could emerge as new support, making for a tough barrier to breach. If the Aussie clears it, the next psychological area seems to be just above 0.7050. Otherwise, breaking through resistance opens the door to testing 0.7235.

AUD/USD Daily Chart

AUD/USD and EUR/AUD May Be at Turning Points, Facing Trend Lines

EUR/AUD Technical Outlook

Against the Euro, the Australian Dollar is at a critical turning point. Zooming out on a weekly EUR/AUD chart, the pair is sitting right on a rising trend line going back to February 2017. If broken, this would open the door to potentially entering a dominant downtrend in the medium term. But to get a better idea to see what’s in store for the pair in the near-term, let’s turn our attention to the daily chart.

EUR/AUD Weekly Chart

AUD/USD and EUR/AUD May Be at Turning Points, Facing Trend Lines

EUR/AUD is recently closed under near-term support at 1.5722 which is the low achieved back in late January. Prices initially struggled closing under it for most of this month. Still, positive RSI divergence warns that downside momentum is fading and this may precede a turn higher. As such, it will be essential to watch how EUR/AUD performs ahead.

If there is a break under the February 2017 trend line, watch support next at 1.5581. Otherwise, near-term resistance appears to be at 1.5852, the psychological barrier that tamed prices back in the summer of 2018.

For more updates on the Australian Dollar, feel free to follow me on twitter here @ddubrovskyFX.

EUR/AUD Daily Chart

AUD/USD and EUR/AUD May Be at Turning Points, Facing Trend Lines

* 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