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
Bearish
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
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Your psychology has a significant impact on the decisions you make, particularly if you are new to trading. How can you avoid your emotions from turning you into a #FOMO trader? Find out: https://t.co/FC7CHpk9vA #FOMOintrading https://t.co/WSDr3JkpAG
  • $AUDUSD: Short-term support could lead-in to a quick bounce up to resistance as taken from another prior support level, plotted around the .6830 level on the chart. Get your market update from @JStanleyFX here: https://t.co/tUoe1Roo5t https://t.co/omaDxGNhZU
  • Central bank independence has several advantages. Find out what they are in detail with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/cQQmuH8biQ
  • The US Dollar remains in consolidation mode against the Philippine Peso and Indian Rupee. Will the Singapore Dollar weaken as $USDSGD rising support holds ahead? Find out from @ddubrovskyFX here: https://t.co/HZ8Loqj3Ey https://t.co/6PCFkdj3ka
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/Da10QUg9r1
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
Weekly AUDUSD Technical Outlook: Be Wary of the Bounce

Weekly AUDUSD Technical Outlook: Be Wary of the Bounce

2019-09-07 12:00:00
Paul Robinson, Currency Strategist
Share:

AUDUSD Technical Outlook:

  • Aussie bounce could continue but watch for stalling momentum
  • Overall trend isn’t supportive for a sustained rally

For the intermediate-term fundamental and technical outlook on major asset classes, check out the Q3 Forecasts.

Aussie bounce could continue but watch for stalling momentum

AUDUSD is rising hard off the recent low, stringing together multiple positive days. It’s the strongest bounce since June, but like the first month of summer the initial push higher may prove to be short-lived. The key will be how momentum continues in the days ahead.

There is an immediate threat to the rally via the June low, and to a lesser degree the May low. A reversal in the vicinity of 6840/75 could present traders with an opportunity to short for a drop back towards the recent lows under 6700. Stops set above any swing-high that develops once a turn down begins.

The decline may not be brisk, though, and if weakness doesn’t bring sellers in in earnest, conditions could turn choppy as price undergoes a corrective period during the days/weeks ahead. Longer-term the trend remains firmly down; it will take a good amount of work for AUD to turn the outlook favorable in any meaningful way.

All-in-all, this coming week could bring a short trade into play, while would-be longs may be best served waiting to see if the rally can hold on a retracement.

Check out the IG Client Sentiment page to find out how changes in retail positioning could signal the next price move in major markets.

AUDUSD Daily Chart (trend remains down, testing prior lows)

AUDUSD Daily Price Chart

AUDUSD Chart by Tradingview

Helpful Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.