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
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • RT @BrendanFaganFx: Japanese Yen Analysis: USD/JPY Points Higher as GDP Data Misses Expectations $USDJPY Link: https://www.dailyfx.com/forex/market_alert/2021/05/18/Japanese-Yen-Analysis-USDJPY-Points-Higher-as-GDP-Data-Misses-Expectations.html
  • Heads Up:🇦🇺 RBA Meeting Minutes due at 01:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-18
  • Japan's Economic Minister Yasutoshi says Q1 GDP drop due largely to dip in consumption - BBG
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/hJeqJek0Ai
  • 🇯🇵 GDP Growth Rate QoQ Prel (Q1) Actual: -1.3% Expected: -1.2% Previous: 2.8% https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇯🇵 GDP Growth Annualized Prel (Q1) Actual: -5.1% Expected: -4.6% Previous: 11.6% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Heads Up:🇯🇵 GDP Growth Rate QoQ Prel (Q1) due at 23:50 GMT (15min) Expected: -1.2% Previous: 2.8% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Heads Up:🇯🇵 GDP Growth Annualized Prel (Q1) due at 23:50 GMT (15min) Expected: -4.6% Previous: 11.7% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/oTgGLMCN4K
  • Top 10 Stock by Market Cap in the Nasdaq 100 – Daily Performance https://t.co/kcD1E1PW0h
AUD/USD Technical Analysis – Resistance Met Below 0.94

AUD/USD Technical Analysis – Resistance Met Below 0.94

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.9318 (14.6% Fib exp.), 0.9296 (channel bottom)
  • Resistance: 0.9390 (23.6% Fib exp.), 0.9460-0.9507 (Apr 10 high, 38.2% Fib exp.)

The Australian Dollar broke advanced against its US namesake, completing a bullish Flag chart formation. Prices are testing resistance at 0.9390, the 23.6% Fibonacci expansion, with a break above that exposing the 0.9460-0.9507 area marked by the April 10 high and the 38.2% level. Support is at 0.9318, the 14.6% Fib, followed by a rising channel bottom at 0.9296.

Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal warns against taking up the short side. With that in mind, we will continue to wait on the sidelines for the time being.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

AUD/USD Technical Analysis – Resistance Met Below 0.94

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

DISCLOSURES