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Australian Dollar Pressures 2009 Lows on USD, JPY. GBP Breaks Out?

Australian Dollar Pressures 2009 Lows on USD, JPY. GBP Breaks Out?

2019-08-24 12:00:00
Daniel Dubrovsky, Analyst
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AUD/USD, AUD/JPY, GBP/AUD Technical Forecast

  • Australian Dollar consolidation keeps defining its technical progress
  • Both AUD/USD and AUD/JPY are pressuring lows last seen in 2009
  • Meaningful upside progress has been made in GBP/AUD, will it last?

Build confidence in your own Australian Dollar trading strategy with the help of our free guide!

AUD/USD Technical Outlook - Neutral

The Australian Dollar continues to pressure lows last seen since March 2009 against the US Dollar. Positive RSI divergence still undermines its downside progress as it shows fading downward momentum. Lately, the pro-risk currency has been torn between the Federal Reserve outlook and US-China trade wars as it is on the brink of resuming this year’s dominant downtrend.

The March 2009 low around 0.6744 has been reinforced as support since the beginning of this month with the Aussie trading mostly in a narrow range. This does set AUD/USD up for a meaningful downside breakout that exposes 0.6708. Still, the positive RSI divergence can precede a turn higher towards resistance at 0.6827 – 0.6865 if not translate into consolidation. So far, it has been the latter.

AUD/USD Daily Chart

AUDUSD Daily Price Chart

Chart created in TradingView

AUD/JPYTechnical Outlook - Neutral

A near-identical story has been unfolding in AUD/JPY. Against the Japanese Yen, the Australian Dollar has been in persistent consolidation as it pressures lows last seen in 2009. Positive RSI divergence is also present here, potentially paving the way for an upside push towards resistance at 72.89. A breakout to the downside, with technical confirmation, exposes the next area of support at 69.50.

AUD/JPY Daily Chart

AUDJPY Daily Price Chart

Chart created in TradingView

GBP/AUDTechnical Outlook – Bullish

For meaningful technical progress seen last week from Aussie crosses, look no further than GBP/AUD. The British Pound has made an upside push against the Australian Dollar after closing above former support-turned-resistance between 1.8100 and 1.8152. This has exposed the next range of resistance between 1.8367 and 1.8423. Another close higher may offer that technical confirmation that paves the way for more gains.

GBP/AUD Daily Chart

GBPAUD Daily Price Chart

Chart created in TradingView

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

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

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