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
Mixed
USD/JPY
Bearish
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • The$USD is attempting a recovery against the Philippine Peso and Malaysian Ringgit. Well-defined resistance levels are still keeping the USD/PHP and USD/MYR downtrend intact.Get your market update from @ddubrovskyFX here:https://t.co/Qb4yAhiaog https://t.co/YOTwULdZ9l
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.59% Silver: 0.15% Gold: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bElqBuMNFc
  • #NOK, #SEK and the #NZD are expected to be the most active G10 currencies vs #USD with 1-week implied volatilities at 8.02, 7.50 and 7.13 respectively
  • If you missed this week's session on what trader positioning has to say about the outlook for $AUDUSD, $USDCAD and $EURUSD, check out the recording on YouTube below. Stay tuned for the full report to come! - https://t.co/caaTDioRiU
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.09% 🇨🇭CHF: 0.03% 🇪🇺EUR: -0.03% 🇬🇧GBP: -0.06% 🇳🇿NZD: -0.29% 🇦🇺AUD: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tP4kMKk2Pr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.56%, while traders in France 40 are at opposite extremes with 86.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/B2ZT4ITYQp
  • Overnight index swaps are pricing in a less than even chance (27.7%) of an RBA rate cut at their next meeting on 12/03/2019 #AUD
  • RT @Lucy_Craymer: U.S.-China trade talks hit snag over farm purchases https://t.co/DMMxh5TUbt via @WSJ
  • RT @markets: China's latest economic data point to a more subdued growth outlook https://t.co/PC0J01CvuY
  • #AUD bulls (rare breed) having a bit of a tough day. First Aussie employment data kicked #AUDUSD, now #China's #industrialproduction figures have underwhelmed and kicked it when it was down. https://www.dailyfx.com/forex/market_alert/2019/11/14/AUDUSD-Hit-By-China-Data-Miss-Downtrend-May-Deepen.html?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr https://t.co/kGvfIU0DOK
AUDUSD: Bounce Sought to Yield Short Entry

AUDUSD: Bounce Sought to Yield Short Entry

2011-03-17 06:24:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Pending Short

AUDUSD has broken sharply through support at a rising trend line set from mid-January to find support at 0.9803, the 1/12 low. While we will not know what the currently active candle will look like by the close at 21:00 GMT, we note the early makings of a Dragonfly Doji, which may signal a corrective rebound over the near term before sellers overtake momentum in earnest. We will look for a bounce toward resistance at 0.9943 over the coming days to produce a selling opportunity. Alternatively, a daily close below 0.9803 would similarly give the green light to enter short (provided risk/reward conditions are acceptable).

AUDUSD_Bounce_Sought_to_Yield_Short_Entry_body_031611_AUD.png, AUDUSD: Bounce Sought to Yield Short Entry

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.