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
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
Bullish
Gold
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
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
Bitcoin
Mixed
More View more
Real Time News
  • $USD: "The US Dollar is making a last-ditch effort to cling onto a key technical support level after dropping 3% from its 2019 high as risk appetite roars and the Fed inflates its balance sheet." - via @DailyFX Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/12/14/us-dollar-outlook-fx-volatility-rising-from-extreme-lows-usd-levels-to-watch.html https://t.co/87cITJPVQa
  • The $NZD is testing resistance guiding the currency lower against its US counterpart for over two years. Will buyers prevail or be rejected yet again? Get your market update from @IlyaSpivak here:https://t.co/hRsbxhwotM https://t.co/ehlbb43gqd
  • very cool, very legal https://t.co/gsOxPiEdIw
  • $USDCAD is testing slope support into the close of the week with the immediate short bias at risk while above 1.3134/51. Get your USD/CAD technical analysis from @MBForex here:https://t.co/eE9yrNEU80 https://t.co/mszY7ouYRF
  • $EURUSD Daily Pivot Points: S3: 1.0966 S2: 1.1041 S1: 1.1085 R1: 1.116 R2: 1.119 R3: 1.1264 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The British Pound’s relief rally may still have some room to run: volatility in the $GBP has dropped back to levels typically associated with periods of ‘positive developments’ in the #Brexit process. Get your market update from @CVecchioFX here:https://t.co/uzXRd8y4ck https://t.co/Nxf6opYgLd
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.31% 🇨🇦CAD: 0.12% 🇨🇭CHF: 0.09% 🇪🇺EUR: -0.09% 🇳🇿NZD: -0.11% 🇦🇺AUD: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/z0x9cPG1TN
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.40% Silver: 0.09% Oil - US Crude: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fpuNos9jTO
  • RT @bbands: Most crypto currencies are at or near Bollinger Band Squeeze levels. Time to pay attention.
  • Spot FX Update: $EUR 1.1119 $JPY 109.3505 $GBP 1.3337 $CAD 1.3182 $CHF 0.9842
Australian Dollar Outlook Bearish as AUD/NZD Hints at Topping

Australian Dollar Outlook Bearish as AUD/NZD Hints at Topping

2019-11-15 01:00:00
Dimitri Zabelin, Junior Currency Analyst
Share:

Australian Dollar Price Chart, AUD/NZD, New Zealand Dollar – TALKING POINTS

  • AUD/NZD plummeted after Australian jobs data led to aggressive Aussie selloff
  • Downside breakout from congestive area opens door to testing support at 1.0607
  • AUD/NZD failure to again break above 2015 resistance may discourage traders

Learn how to use politicalrisk analysis in your trading strategy!

AUD/NZD plunged over 1.20 percent on Thursday, marking the biggest one-day decline since September 2017. The catalyst behind the monumental price move was the publication of dismal Australian jobs data, which prompted an aggressive selloff in AUD. Along the way down, AUD/NZD closed below the lower lip of the 1.0665-1.0815 digestive zone and below an uptrend, opening the door for more downside potential.

AUD/NZD – Daily Chart

Chart showing AUD/NZD

AUD/NZD chart created using TradingView

The pair briefly flirted with support at 1.0607, though traders may be reluctant to go short until a clear directional bias has been confirmed. If the pair breaks below 1.0607 with follow-through, it could catalyze an aggressive selloff until the pair hits the upper bound of the 1.0521-0.0542 range.

Zooming out to a weekly chart shows the pair has continued to fail to break above August 2015 descending resistance, and the most recent price action made a retest anytime soon appear less likely – at least for now. Negative RSI divergence also highlighted fading upside momentum close to where the pair was testing the lower bound of the multi-layered ceiling. Looking forward, an aggressive decline may ensue in the week ahead.

AUD/NZD – Weekly Chart

Chart showing AUD/NZD

AUD/NZD chart created using TradingView

AUSTRALIAN DOLLAR TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

DISCLOSURES

News & Analysis at your fingertips.