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
Mixed
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
Mixed
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
Wall Street
Mixed
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • RT @ReutersBiz: Fed's Barkin: coronavirus blow to U.S. economy will be deep https://t.co/5mWzwpkXrR https://t.co/y9kN6nnODo
  • RT @business: The Fed will launch a lending program this week for mid-sized businesses hurt by the coronavirus, Treasury Secretary Steven M…
  • Gold Price Outlook: XAUUSD Prices Coil Ahead of the Next Big Break https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2020/04/08/Gold-Price-Outlook-XAU-USD-JS-Prices-Coil-Ahead-of-Next-Big-Break-Gold-to-US-Dollar-Price.html https://t.co/0wbwyv84Cb
  • An update on the $SPX with the Fed's balance sheet overlaid: https://t.co/tKyBoTjQTQ
  • Secretary Mnuchin: - Some direct stimulus payments will be sent out by the end of next week $DXY
  • RT @KansasCityFed: Just Released: The #KCFed Labor Market Conditions Indicators suggest the level of activity declined sharply & momentum d…
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.24% Gold: 0.09% Silver: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vae6FkD68k
  • RT @jeannasmialek: Really interesting lines in today's Fed minutes: Officials saw a "major downside risk that the spread of the virus mig…
  • The #Dow Jones opened yesterday right at the gap-fill we have been discussing as an initial target off the lows. Get your #equities market update from @PaulRobinsonFX here: https://t.co/2kSRjUzRML https://t.co/EauHT9Nydx
  • ...oh, and mentions of 'stimulus' , 'rescue' and 'bailout' - all zero
AUD/USD Stalls at Resistance

AUD/USD Stalls at Resistance

2016-06-30 12:40:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • AUD/USD Attempts to Breakout Lower Under .7470
  • Aussie Private Sector Credit Figures Miss Expectations
  • Further Declines in Price May Target .7365

The AUD/USD has attempted to breakout lower this morning, after initially stalling at a key point of resistance. So far, resistance for the day has been marked at the R3 pivot point at a price of .7470. After testing this point, prices continually declined on news that Aussie Private Sector Credit figures were released worse than expected at 0.4%.

This decline initiated a false breakout, which began below today’s S4 pivot, found at .7407. Now prices have rebounded and are trading back above the S3 pivot at .7428. This value is acting as range support for today’s 42 pip trading range. If prices stay above this value, it may open price action to return towards values of support, which include the previously mentioned S3 pivot and the S4 pivot found at .7491.

In the event that the AUD/USD trades back below the S3 pivot, traders may again look for bearish breakouts below the S4 pivot at .7407. A move below this value would be significant as it would be the second attempted bearish breakout for the session. In this scenario, traders may extrapolate today’s 42-pip range to place initial bearish targets near .7365.

AUD/USD 30 Minute

AUD/USD Stalls at Resistance

(Created using Marketscope 2.0 Charts)

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required].

Contact and Follow Walker on Twitter @WEnglandFX.

https://www.dailyfx.com/sentiment?ref-author=England

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

DISCLOSURES

News & Analysis at your fingertips.