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
Bullish
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
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
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • https://t.co/YTOXNyrBZE https://t.co/zRNJaBLgZv
  • The break higher in Silver (XAGUSD) gaining more credibility - taking out the resistance/support apex. #silver #xagusd @DailyFXTeam From yesterday...https://www.dailyfx.com/forex/market_alert/2020/10/19/Silver-Price-XAGUSD-Rallying-Through-Short-Term-Trend-Resistance.html
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.56% 🇨🇭CHF: 0.44% 🇨🇦CAD: 0.44% 🇯🇵JPY: -0.11% 🇦🇺AUD: -0.27% 🇳🇿NZD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/A1GsRRTQgf
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.70% Wall Street: 0.64% FTSE 100: 0.32% France 40: 0.18% Germany 30: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/V0Dhx8n8ES
  • Heads Up:🇺🇸 Fed Quarles Speech due at 14:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-20
  • GBP/USD will likely continue to trade in a narrow range as the UK continues to argue that there is no point in resuming the post-Brexit trade talks with the EU. Get your $GBPUSD market update from @MartinSEssex here:https://t.co/zh4rKXXE0M https://t.co/SP9iZ6YHIM
  • $AUDCAD breakdown still running https://t.co/N6MrmrODwA https://t.co/vA4zjMBWr0
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.99% Gold: -0.14% Oil - US Crude: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/M5wtVYrcP8
  • FTSE 100 - All 3 simple moving averages about to converge, add the 38.2% fib retracement and some ultra low vol (ATR)...this one's getting ready for a breakout...#ftse #ftse100 @DailyFX https://t.co/0A2QrBjISd
  • Nas 100 trying to find some balance at this zone of prior resistance $Nasdaq $Nas $QQQ https://t.co/vnrqmPsLmV
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, 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