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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • USD/CAD bounced off support, but looks only corrective in nature. Short-term charts suggest we will soon see price turn down. Get your $USDCAD market update from @PaulRobinsonFX here:https://t.co/zdfLSKm6LF https://t.co/PF5ZXDBxI0
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.60% US 500: 0.60% France 40: 0.22% Germany 30: 0.18% FTSE 100: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/64Hdik4K4t
  • Heads Up:🇺🇸 Fed Clarida Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-08-03
  • Bitcoin cooling off after an impressive run to end the month of July $BTCUSD #Bitcoin https://t.co/7y7H5rldxM
  • Narrator: Not today. Nice rebound staged off that critical support level with oil and yields firming up a bit on the session. Will bulls push onward to print a higher high? $SPY #Trading #Markets https://t.co/jn1yKFNCLG
  • NY Fed accepts $909.44 billion in reverse repo operations $USD $DXY
  • RT @IG_US: Watch @GuyAdami & @RiskReversal discuss - Earnings Recap - Rates In Reverse - Economic Slowdown? - Plus strategist @CVecchioFX…
  • Bitcoin and Ethereum are both recovering from the early-summer slumps that enveloped the crypto market. Get your market update from $btc market update from @JStanleyFX here:https://t.co/kgPJfJKptS https://t.co/hII11U0POd
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.90%, while traders in France 40 are at opposite extremes with 82.15%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Y0B0I5qE0y
  • $USD still sticking to the range. I'd be surprised if this holds until #NFP on Friday. But at the least there's some definition to work off of $DXY https://t.co/kHZnEFP1AX https://t.co/jkE2gugZpL
AUDUSD RSI Divergence Building on 4-hour Chart

AUDUSD RSI Divergence Building on 4-hour Chart

Christopher Vecchio, CFA, Senior Strategist

4-hour Bars

eliottWaves_aud-usd_body_Picture_5.png, AUDUSD RSI Divergence Building on 4-hour Chart

Prepared by Christopher Vecchio, Currency Analyst

The bullish RSI divergence on the hourly charts from Tuesday gave way to a quick rally to 1.0400, but failure at the round figure suggests that downside pressure remains stubbornly strong. Curiously, the declines today failed to reach corresponding channel support at 1.0305/10, also the 200-DMA. Alongside budding bullish RSI divergence on the 4-hour chart, there is scope to believe that another test of 1.0400 may be in order. A move above 1.0400 exposes channel resistance near 1.0435/40, also the 200-SMA on the 4-hour chart.

Elsewhere, near-term resistance comes in at 1.0480, 1.0530/45 (former swing highs, and would also represent a break of the downtrend off of the August 9 high), and 1.0600/15 (August high). Should we see a rally up towards 1.0600 again, another failure would market a Double Top and signal a push for a test of 1.0200/05 (100-DMA). Near-term support comes in at 1.0330, 1.0305/10 (descending trendline support, 200-DMA), and 1.0200/20 (100-DMA, 161.8% extension on August 9 high to August 17 low, measured against the August 23 high).

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

DISCLOSURES