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
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
GBP/USD
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
USD/JPY
Mixed
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
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • RBA Watcher Terry McCrann - The Reserve Bank did not “seriously ponder” a “shock” Cup Day rate cut $AUD
  • Germany's BDI Industry Association says expects manufacturing production to fall by 4% this year $EUR
  • LIVE IN NOW: Join Currency Strategist @PaulRobinsonFX as he keeps you updated with the latest movements and trends during the London session for the FX and CFDs Market. Register here: https://www.dailyfx.com/webinars/243785867?CHID=9&QPID=917720
  • How can you trade #forex after a major release? Find out: https://t.co/sdxcXb8q60 #tradingstyle https://t.co/Q6yzZncUZU
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/11:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/bPMJIvaxSh
  • PBoC Governor says they will increase credit support to the economy and will step-up counter-cyclical adjustment for the economy
  • Over 3 yards expiring at 1.3000 this week keeps $GBPUSD upside rather contained https://t.co/gOHlWgtQpF
  • LIVE IN 30 MIN: Join Currency Strategist @PaulRobinsonFX as he keeps you updated with the latest movements and trends during the London session for the FX and CFDs Market. Register here: https://www.dailyfx.com/webinars/243785867?CHID=9&QPID=917720
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/10:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/w7f9yQwfib
  • The $AUDUSD and $EURUSD downtrend may prolong as traders counterintuitively buy into their descent. Meanwhile, the USD/CAD uptrend may accelerate on rising net-short bets. Get your market update from @ddubrovskyFX here:https://t.co/dlzJ31kf3f https://t.co/4X0tBVglwD
AUD/USD Technical Analysis – Aussie Dollar Sold Sub-0.94

AUD/USD Technical Analysis – Aussie Dollar Sold Sub-0.94

2014-05-19 22:31:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • AUD/USD Technical Strategy: Short at 0.9328
  • Support: 0.9201 (23.6% Fib exp.), 0.9041 (38.2% Fib exp.)
  • Resistance: 0.9358 (channel floor), 0.9408 (May 14 high)

The Australian Dollar looks vulnerable to deeper losses after prices broke below support at the bottom of a rising channel set from late January. Sellers now aim to challenge the 23.6% Fibonacci expansion at 0.9201, with a daily close below that exposing the 38.2% level at 0.9041. The channel floor, now at 0.9358, has been recast as near-term resistance. A move back above that initially targets the May 14 high at 0.9408.

We will now enter short in line with our fundamental outlook, aiming for 0.9201 as an initial objective. A stop-loss will be activated on a daily close above 0.9408. We will take profit on half of the trade at the first target and trail the stop-loss to the breakeven level.

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

AUD/USD Technical Analysis – Aussie Dollar Sold Sub-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.