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
Bullish
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
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
Gold
Mixed
GBP/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
USD/JPY
Mixed
More View more
Real Time News
  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/nBfJcptUDK
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/tnF1RME8gJ
AUD/USD Outlook in the Balance at Pivotal Chart Levels

AUD/USD Outlook in the Balance at Pivotal Chart Levels

Ilya Spivak, Head Strategist, APAC

AUD/USD TECHNICAL FORECAST: NEUTRAL

  • Australian Dollar breaks December trend support, eyes bearish resumption
  • Confirmation needed on a break of rising channel from October 2019 low
  • Recent gains may mark repeat of late-2018 “re-sloping” of the downtrend

Get help building confidence in your AUD/USD trading strategy with our free guide!

The Australian Dollar extended lower as expected after the formation of a bearish Evening Star candlestick pattern and subsequent break of upward-sloping support guiding December’s rally. The move has paused on a retest of former resistance guiding the descent from the November 2018 high, with a spirited pull-up through the 0.6865-81 congestion area suggesting scope for a higher bounce.

The first layer of resistance thereafter is in the 0.6930-39 zone. Breaking above that on a daily closing basis looks like to open the door for a test of the December 31 swing high at 0.7032. Such a move would effectively reset the immediate breakdown, neutralizing the case for immediate follow-through but falling short of a convincing long-side signal. Clearing the peak on a closing basis is probably a pre-requisite for that.

AUD/USD Daily Price Chart

AUDUSD Daily Price Chart

AUD/USD daily chart created with TradingView

On the other hand, any returning selling pressure probably needs to push AUD/USD through support at the bottom of the rising channel broadly containing price action since early October 2019. That would make a compelling case for lasting bearish resumption, signaling that the longer-term descent from the January 2018 high has been re-engaged.

That would mark a similar scenario to the “re-sloping” of the decline before continuation in late 2018. An orderly stair-step lower for much of that year found a bottom in October. Prices bounced to breach trend resistance only to find a top shortly thereafter and extend downward, albeit at a different grade. The corrective rise amounted to 5.3 percent, analogous to the 5.4 percent upswing most recently.

AUD/USD Weekly Price Chart

AUDUSD Weekly Price Chart

AUD/USD weekly chart created with TradingView

--- Written by Ilya Spivak, Sr. Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivakon Twitter

AUSTRALIAN DOLLAR TRADING RESOURCES

OTHER TECHNICAL FORECASTS:

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

DISCLOSURES