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
Mixed
USD/JPY
Bullish
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
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • Spot #gold eclipses $1,600/oz for the second time this year with$XAUUSD trading at its highest level since April 2013. Get your $gld market update from @RichDvorakFX here: https://t.co/gIHErqjf8g https://t.co/RQZIT9bHeM
  • All these pardons...is Martin Shkreli next?
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.84%, while traders in France 40 are at opposite extremes with 78.82%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vvQXQasbTt
  • Trumps says to expect trade deal with India to be completed after election $USDINR
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.16% France 40: 0.14% US 500: -0.68% Wall Street: -0.94% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/8DKhC9RNGN
  • Gold Nears 7-Year Highs on Coronavirus Impact; Stocks to Slide Next? Latest Analysis via @DailyFX: https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2020/02/18/gold-nears-7-year-highs-on-coronavirus-impact-stocks-to-slide-next.html
  • Update on #Cryptocurrencies #BITCOIN +3.86% #BITCOINCASH +3.06% #ETHEREUM +8.16% #RIPPLE +4.98% #LITECOIN +4.70%
  • RT @TheEconomist: As covid-19 spreads, multinationals face a rocky few months. ⁠They have failed to prepare for supply-chain disruption and…
  • Here is a weekly chart of my equally-weighted Euro index (of the major crosses). We've slipped the midpoint of the past three years' range https://t.co/MGGZsTJHnd
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
AUD/USD Technical Analysis: Candle Setup Hints at Topping

AUD/USD Technical Analysis: Candle Setup Hints at Topping

2016-04-22 09:22:00
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
  • Australian Dollar recoils from 10-month high, slips back below 0.78 figure
  • Formation of bearish Evening Star candle pattern hints at topping in progress

The Australian Dollar stalled after rising to the highest level in ten months against its US namesake, with prices edging lower to lose their grip on the 0.78 figure. The appearance of a bearish Evening Star candlestick pattern warns that a larger topping and downward reversal may be in progress.

A daily close below the 14.6% Fibonacci retracement at 0.7688 opens the door for a test of the 23.6% level at 0.7597. Alternatively, a push above the 38.2% Fib expansion at 0.7834 paves the way for a challenge of the 50% threshold at 0.7940.

Prices are too close to near-term support to justify entering short in line with our 2016 fundamental outlook from a risk/reward perspective. With that in mind, we will remain on the sidelines for the time being and wait for a better-defined trading opportunity to present itself.

Are you making this common mistake trading AUD/USD? Find out here!

AUD/USD Technical Analysis: Candle Setup Hints at Topping

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

DISCLOSURES

News & Analysis at your fingertips.