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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.02% US 500: 0.02% Germany 30: -0.03% FTSE 100: -0.08% France 40: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/yGpQEAhfhB
  • US Dollar Price Action Setups: EUR/USD, GBP/USD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/04/19/US-Dollar-USD-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD.html $USD $EURUSD $GBPUSD https://t.co/Jyr7pfHhdH
  • RT @CGasparino: BREAKING -- @JoeBiden Admin is in the early stages of developing a regulatory approach to the booming crypto biz, sources t…
  • The US Dollar is in correction within the yearly uptrend with the decline now eyeing initial support objectives just lower. Get your $USD technical analysis from @MBForex here:https://t.co/QLdiJa8z7v https://t.co/95rBic2Ke8
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.03% Gold: -0.29% Silver: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nj9OGkvt7a
  • The Dollar ($DXY) has cleared both its 50-day SMA and the midpoint of the 2021 range. What has greater pull: its roll as wayward safe haven (vs inverted $SPX) or the recent fade in returns (US 10yr). The 20-day correlation to both approximately ~0.8, strong https://t.co/1dteHRggua
  • US Dollar Index (DXY) trend from last March picking up steam again. February and January lows up next on radar, could take a few weeks. Get your market update from @PaulRobinsonFX here:https://t.co/KCsZINK3KI https://t.co/3EN4Xrxnjn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9j9ojxURdw
  • RT @ChadPergram: Biden now mtg w/bipartisan/bicameral mbrs about infrastructure. Says they're discussing "how to pay for it." Adds they "ho…
  • $WTI #Crude #Oil Price Outlook: Breakout Eyes Resistance- Bulls at Risk - https://t.co/RuNq3bxxaW https://t.co/784dxJq0m7
AUD/USD at Support, GBP/AUD May Top as AUD/JPY Downtrend Extends

AUD/USD at Support, GBP/AUD May Top as AUD/JPY Downtrend Extends

Daniel Dubrovsky, Strategist

Australian Dollar Technical Forecast

  • AUD/USD wedged between resistance, support eyeing breakout
  • AUD/JPY in a steady downtrend, adhering to a falling channel
  • GBP/AUD may be topping after a bearish Double Top pattern

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

The Australian Dollar traded sideways against its US counterpart this past week, holding within a critical psychological area on the chart below. AUD/USD is sitting at support between 0.6982 and 0.7012, or in other words right above the daily close seen in early 2019 during the ‘flash crash’. This leaves the Aussie Dollar ultimately little changed since January.

AUD has also been subdued by the falling trend line from late January (blue-dashed line below). Just above it sits former support-turned-resistance at 0.7057. Positive RSI divergence shows fading downside momentum, and this may precede a turn higher. Otherwise, clearing support exposes August 2015 lows.

AUD/USD Daily Chart

AUDUSD

AUD/JPY Technical Outlook

The focus in markets on trade wars again is raising interest in the anti-risk Japanese Yen. AUD/JPY thus finds itself in a rather narrow descending channel, having just recently cleared key support at 77.49 via a gap lower at the beginning of last week. In the medium-term, losses in AUD/JPY followed the break under the near-term rising support line from late March.

This has ultimately exposed the ‘flash crash’ lows here as well around 75.24. If the channel holds, we may see a steady descent towards that level, eventually exposing lows not seen since 2011 and 2010. Otherwise, breaking above the channel ceiling, with confirmation, opens the door to a bullish reversal back to 79.84.

AUD/JPY Daily Chart

AUDUSD

GBP/AUD was also a notable underperformer this past week after failing to top the highs in March at 1.8863. This has left behind it a potential Double Top bearish reversal pattern that appears to be brewing. The additional closes to the downside last week could be seen as confirmation, opening the door to testing what could be a potential trend line marked on the chart below.

Around that same area is former resistance that may turn into support around 1.8434. If breached, that will expose the April lows between 1.8100 and 1.8152. For more updates on the Australian Dollar and for important technical moves in other Aussie-crosses, you can follow me on twitter here @ddubrovskyFX where I will also be watching out for prominent fundamental developments.

GBP/AUD Daily Chart

GBPUSD

* Charts created in TradingView

Looking for a fundamental perspective on AUD?

Check out the Weekly AUD Fundamental Forecast

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