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.

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
EUR/USD
Bearish
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
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • BoC Deputy Governor Wilkins: Real estate bounce back has been 'sharp, 'aggressive' Pent-up demand drove sharp housing rebound Doesn't see a lot of speculation in housing - BBG $CAD
  • BoC Governor Macklem: Negative rates in toolkit; not being discussed Could lower effective lower bound, not be negative Ample scope to scale up QE if needed - BBG $CAD
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: US 500: 0.00% Wall Street: -0.00% France 40: -0.20% Germany 30: -0.21% FTSE 100: -0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/QXuQhXMBLp
  • I’ve outsmarted the onions! Happy thanksgiving everyone 🦃 https://t.co/RjTjo5nawW
  • Contrary to standard belief, greed and profits are often inversely correlated in trading. Remaining disciplined is key to a successful trading strategy. Learn how to control greed when trading here: https://t.co/5GXReUsKRj https://t.co/S2DZkNw7Tc
  • BoC Governor Macklem: Risk around our projection "roughly balanced" Inflation projected to remain less than 2% into 2023 - BBG $CAD
  • BoC Governor Macklem: BoC expects economy to shrink 5.5% in 2020 Economy to be operating below potential into 2023 Inflation is unusually weak - BBG $CAD
  • BoC Governor Macklem: Rates will stay very low for very long time Very rapid growth of the reopening phase is now over Annual growth to average almost 4% in 2021, 2022 - BBG $CAD
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Gold: 0.12% Silver: -0.06% Oil - US Crude: -1.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ccissyaJkX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.73%, while traders in NZD/USD are at opposite extremes with 74.62%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lk7jdhxDJ0
AUD/USD Technical Analysis: Aussie Breaks Key Support

AUD/USD Technical Analysis: Aussie Breaks Key Support

2017-01-27 04:26:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • AUD/USD Technical Strategy: Pending short at 0.7572
  • Aussie Dollar may be resuming long-term down trend vs. US cousin
  • Bounce sought to improve risk/reward parameters for short position

The Australian Dollarhas broken through the floor of the rising trend guiding prices higher since the beginning of the year, hinting that the long-term down trend is resuming. The breakdown occurred against a backdrop of negative RSI divergence, bolstering the case for a topping scenario.

Initial support is in the 0.7463-98 area (horizontal pivot, 23.6% Fibonacci expansion), with a break below that on a daily closing basis opening the door for a test of the 38.2% level at 0.7373. Alternatively, a reversal above the January 24 high at 0.7609 sees the next major upside barrier at 0.7760, a double top.

Prices are too close to near-term support to justify entering short from a risk/reward perspective. With that in mind, an entry order to sell the pair at 0.7572 has been established. If activated the trade will initially target 0.7498 and carry a stop-loss activated on a daily close above 0.7609.

Join the AUD/USD outlook webinar LIVE to see what drives prices each week!

AUD/USD Technical Analysis: Aussie Breaks Key Support

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

DISCLOSURES