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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
Bearish
Gold
Mixed
GBP/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
USD/JPY
Mixed
More View more
Real Time News
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.06% US 500: -0.03% Germany 30: -0.22% France 40: -0.53% FTSE 100: -0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/D3ANMuEits
  • Norges Bank Governor says currency market functioning well adds that they have no particular target level for NOK
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/2NE7dnWMM4
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to learn about how you can become a better trader. Register here: https://t.co/WeWGKtdlyz https://t.co/F0bT0tnjiY
  • $NOK slips on the release given market pricing had been for a signal of a slightly earlier hike than previously forecast https://t.co/iQcZ70pCII
  • 🇩🇪 Ifo Business Climate (SEP) Actual: 93.4 Expected: 93.8 Previous: 92.5 https://www.dailyfx.com/economic-calendar#2020-09-24
  • Norges Bank - The policy rate forecast is little changed since June 2020 Monetary Policy Report and implies a rate at the current level over the next couple of years, followed by a gradual rise as activity approaches a more normal level $NOK
  • 🇳🇴 Norges Bank Interest Rate Decision Actual: 0% Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2020-09-24
  • 🇩🇪 Ifo Business Climate (SEP) Actual: 93.4 Expected: 93.8 Previous: 92.6 https://www.dailyfx.com/economic-calendar#2020-09-24
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/HbVXBTslrS
AUD/USD Technical Analysis: Reversal Confirmation Sought

AUD/USD Technical Analysis: Reversal Confirmation Sought

2017-03-31 08:55:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Aussie Dollar may be forming a triple top below 0.78 vs. US counterpart
  • Confirmation of reversal sought on daily close through trend line support

The Australian Dollar turned downward against its US counterpart as expected, with a potential triple top taking shape below the 0.78 figure. Confirmation of a substantive bearish reversal is needed on invalidation of the series of higher highs and lows beginning from December 2016.

A daily close below 0.7610 (23.6% Fibonacci retracement, trend line) opens the door for a test of the 0.7498-0.7524 area (resistance-turned support, 38.2% level). Alternatively, a push above the 14.6% Fib expansion at 0.7669 sees the next upside barrier at 0.7722, the 23.6% threshold.

Waiting for a clear-cut break through near-term rising trend support before entering short seems most prudent, particularly as potentially potent event risk looms ahead on the USD side of the currency pair. With that in mind, opting for the sidelines is probably most attractive for now.

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

AUD/USD Technical Analysis: Reversal Confirmation Sought

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

DISCLOSURES