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
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.08% 🇯🇵JPY: 0.08% 🇬🇧GBP: 0.08% 🇦🇺AUD: 0.00% 🇨🇦CAD: -0.02% 🇳🇿NZD: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CgxEYwIJwg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.02%, while traders in France 40 are at opposite extremes with 79.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bg6hp5gM3n
  • Gold on the brink of another big breakout? $XAU $GC_F $GLD https://t.co/0RRauXBIke
  • Overnight index swaps are pricing in a less than even chance (3.7%) of a rate cut from the Bank of Canada at next week’s interest rate decision #CAD
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/vT0Qqh6gy4
  • RT @TheEconomist: The mood in corporate America is darkening https://t.co/dBrDHdUzm4
  • Japan’s Nikkei PMI Manufacturing (OCT P) Actual: 48.5 Est: N/A Previous: 48.9 #JPY
  • The $NZD has attempted to recover against its US namesake as expected but the move may be cut short as sellers reclaim the upper hand. Get your NZD/USD market update from @IlyaSpivak here: https://t.co/D0LAlHHfuf https://t.co/wBcFhnfcAI
  • Japan’s Nikkei Japan PMI Manufacturing (OCT P) Actual: 48.5 Est: N/A Previous: 48.9 #JPY
  • #USDollar Forecast: #USDBRL Breakout Opening Door to Selloff? https://www.dailyfx.com/forex/analyst_picks/todays_picks/dimitri_zabelin/2019/10/24/US-Dollar-Forecast-USDBRL-Breakout-Opening-Door-to-Selloff.html
Australian Dollar Price Chart: Aussie Looks for Support into October Open

Australian Dollar Price Chart: Aussie Looks for Support into October Open

2019-09-28 16:00:00
Michael Boutros, Technical Strategist
Share:

The Australian Dollar is fractionally lower against the US Dollar this week with Aussie trading at 6760 ahead of the New York close on Friday. A second consecutive weekly decline takes price back below a key pivot range and we’re looking for support early in October IF Aussie is to have any hope of mounting a counteroffensive. Here These are the updated targets and invalidation levels that matter on the AUD/USD weekly price chart. Review my latestWeekly Strategy Webinar for an in-depth breakdown of this Aussie price setup and more.

New to Forex Trading? Get started with this Free Beginners Guide

Australian Dollar Price Chart – AUD/USD Weekly

Weekly AUDUSD Chart

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

Notes:In my last Aussie Weekly Price Outlook we noted that, “Aussie turned off slope support this week and we’re looking for price to stabilize above 6745 for this advance to get some legs.” Price rallied nearly 3% off the lows to register a high at 6894 before reversing with the decline testing support this week at the January lows at 6745- it’s make-or-break heading into the start of October trade.

A downside break below this threshold would shift the focus back towards the yearly lows at 6677 and channel support. Initial resistance stands at the 2016 low / low-week close at the 6827/54 pivot zone - ultimately a breach / close above the 61.8% retracement of the July decline / June low-week close at 6924/27 is needed to suggest a larger trend reversal is underway targeting yearly open resistance above the 70-handle.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line:Aussie will need to stabilize into the start of October trade IF the September advance is to remain viable. From a trading standpoint, be on the lookout for an exhaustion low early next month with a breach above the June 2018 trendline needed to suggest a more significant low was registered in Q2. Review my latest Australian Dollar Price Outlook for a closer look at the near-term AUD/USD technical trading levels.

Australian Dollar Trader Sentiment – AUD/USD Price Chart

AUDUSD Trader Sentiment Chart

  • A summary of IG Client Sentiment shows traders are net-long AUD/USD- the ratio stands at +2.11 (67.8% of traders are long) – weak bearishreading
  • Traders have remained net-long since July 19th; price has moved 2.4% lower since then
  • Long positions are3.4% lower than yesterday and 8.1% higher from last week
  • Short positions are 6.5% lower than yesterday and 26.3% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUD/USD prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger AUD/USD-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in Aussie retail positioning are impacting trend- Learn more about sentiment!

---

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES

News & Analysis at your fingertips.