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
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.84% 🇦🇺AUD: 0.30% 🇬🇧GBP: 0.17% 🇪🇺EUR: -0.04% 🇨🇭CHF: -0.07% 🇯🇵JPY: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bj4qDvAPDE
  • US Dollar at the Mercy of Economic Data, ADP Jobs Report in View - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/08/04/US-Dollar-at-the-Mercy-of-Economic-Data-ADP-Jobs-Report-in-View.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #Dollar #ADP #Fed #EURUSD https://t.co/ioMIim3jia
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.78% France 40: 0.52% FTSE 100: 0.34% US 500: -0.08% Wall Street: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eR5bjv9FSY
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/GsrgNzZU8h
  • AUD/JPY IG Client Sentiment: Our data shows traders are now net-long AUD/JPY for the first time since Jul 22, 2021 when AUD/JPY traded near 81.31. A contrarian view of crowd sentiment points to AUD/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/dB1g2SisC5
  • 💶 Retail Sales YoY (JUN) Actual: 5% Expected: 4.5% Previous: 8.6% https://www.dailyfx.com/economic-calendar#2021-08-04
  • Heads Up:💶 Retail Sales YoY (JUN) due at 09:00 GMT (15min) Expected: 4.5% Previous: 9% https://www.dailyfx.com/economic-calendar#2021-08-04
  • 🇬🇧 Markit/CIPS UK Services PMI Final (JUL) Actual: 59.6 Expected: 57.8 Previous: 62.4 https://www.dailyfx.com/economic-calendar#2021-08-04
  • 🇬🇧 Markit/CIPS Composite PMI Final (JUL) Actual: 59.2 Expected: 57.7 Previous: 62.2 https://www.dailyfx.com/economic-calendar#2021-08-04
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/Jge07H5DCY
AUD/USD Technical Analysis: Looking to Sell as FOMC Looms

AUD/USD Technical Analysis: Looking to Sell as FOMC Looms

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar moves to test key support-turned-resistance below 0.76 figure
  • Looking for selling opportunity in line with long-term trend, FOMC in focus

The Australian Dollar spiked to the highest level in eight months against its US namesake, with prices attempting to set up a test of the 0.76 figure. Prices are positioned just ahead of key support-turned-resistance, with performance here defining recent gains as either corrective or the start of a larger advance.

A move above 0.7589 – a former support shelf in play from March to July 2015 – sees the layer of resistance at 0.7642, the 123.6% Fibonacci expansion. Alternatively, a daily close below the 100% level at 0.7540 paves the way for a challenge of the 76.4% expansion at 0.7438.

We remain keen on entering short AUD/USD in line with our 2016 fundamental forecast. An actionable trade setup is absent for the time being however, arguing for patience on pulling the trigger. The upcoming FOMC policy announcement may offer the catalyst for a selling opportunity to present itself.

Are FXCM traders buying or selling AUD/USD? Find out here!

AUD/USD Technical Analysis: Looking to Sell as FOMC Looms

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

DISCLOSURES