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
Bearish
Gold
Bullish
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • The inside bar pattern occurs regularly within the financial markets. Incorporating the inside bar strategy within a trading system can enhance a trader’s market analysis technique. Find out how you can use it from @WVenketas here: https://t.co/E3EWOYTYNw https://t.co/WACWeXmcG0
  • Tesla (TSLA) up 7.5% pre-US open... #tsla #newparadigm @DailyFX Prices via @IGcom https://t.co/BIOVucv7nO
  • LIVE IN 30 MIN: Currency Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • EUR/USD Technical Analysis: Euro May Bounce From 3-Year Low - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2020/02/19/EURUSD-Technical-Analysis-Euro-May-Bounce-From-3-Year-Low.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #technicalanalysis https://t.co/ck23dW36Mp
  • 🇬🇧 GBP CPIH (YoY) (JAN), Actual: 1.8% Expected: 1.7% Previous: 1.4% https://www.dailyfx.com/economic-calendar#2020-02-19
  • UK inflation - CPI jumps to 1.8% (6-month high) in January vs 1.3% in December. #gbp #sterling #trading ONS Report -> https://t.co/jqnbVTArGs
  • 🇬🇧 GBP House Price Index (YoY) (DEC), Actual: 2.2% Expected: 2.4% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2020-02-19
  • 🇬🇧 GBP Core Consumer Price Index (YoY) (JAN), Actual: 1.6% Expected: 1.5% Previous: 1.4% https://www.dailyfx.com/economic-calendar#2020-02-19
  • 🇬🇧 GBP Consumer Price Index (YoY) (JAN), Actual: 1.8% Expected: 1.6% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2020-02-19
  • 🇬🇧 GBP Consumer Price Index (MoM) (JAN), Actual: -0.3% Expected: -0.4% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2020-02-19
AUD/USD Technical Analysis: Monthly Trend Support at Risk

AUD/USD Technical Analysis: Monthly Trend Support at Risk

2016-04-28 00:08:00
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 drops to monthly trend support after soft 1Q CPI data
  • Waiting for improved risk/reward to sell in line with long-term trend

The Australian Dollar turned lower against its US counterpart as expected after putting in a bearish Evening Star candlestick pattern. Prices are now challenging support capping the downside since early March. The move lower followed a disappointing set of first-quarter CPI figures.

Near-term trend line support is at 0.7549, with a break below that on a daily closing basis opening the door for a test of the 38.2% Fibonacci retracement at 0.7450. Alternatively, a reversal back above the 14.6% level at 0.7688 paves the way for a challenge of the 38.2% Fib expansion at 0.7834.

Risk/reward considerations argue against taking a short position in line with our 2016 fundamental forecastas prices sit squarely at support. We will remain on the sidelines for now, waiting for an actionable opportunity to sell AUD/USD to present itself.

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

AUD/USD Technical Analysis: Monthly Trend Support at Risk

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

DISCLOSURES

News & Analysis at your fingertips.