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
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
  • 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
  • The $USDINR rate could rise as the Nifty 50 sinks after Indian Industrial Production shrank by the most since 2011, fueling RBI rate cut bets amid the ongoing US-China trade war. Get your market update from @ddubrovskyFX here:https://t.co/1PzYH3xCdV https://t.co/cAbQ1z51XY
AUD/USD Technical Analysis – Resistance Met Below 0.94

AUD/USD Technical Analysis – Resistance Met Below 0.94

2014-05-08 23:06:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

News & Analysis at your fingertips.