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
Bullish
Oil - US Crude
Bearish
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
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Breaking news

UK-EU trade deal talks have entered tunnel talks, GBP/USD Spkes to Highs

Real Time News
  • My top three charts for most wanton volatility this past session in order: Moderna ($MRNA); Bitcoin ($BTCUSD) and $EURGBP (15min)
  • AUD/USD consolidates ahead of Australia’s Gross Domestic Product (GDP) report as the data is expected to confirm the first recession in nearly 30 years. Get your $AUDUSD market update from @DavidJSong here:https://t.co/JFPEGVAZDj https://t.co/0fTHbd6t3t
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.56%, while traders in EUR/USD are at opposite extremes with 76.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MSlYB2cBJ4
  • #Sterling Outlook: $GBPUSD Breakout Targets 2019 / 2020 Yearly Highs - https://t.co/reEpFP3uuV https://t.co/4Lq11aWSut
  • US Equity Update (Tuesday Close): $DJI +0.63% $SPX +1.13% $NDX +1.52% $RUT +0.89% $VIX +1.46%
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.05% Wall Street: -0.00% US 500: -0.01% France 40: -0.08% Germany 30: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/THoGZiCXvk
  • Things are popping in the FX market. $EURUSD is working on its biggest rally since March - and third biggest since Jan 12, 2018 when you exclude pandemic volatility. Even more impressive on weekly/monthly charts https://t.co/b7UjY0rEaY
  • Fed's Evans says Janet Yellen will be a great Treasury Secretary $DXY $SPX
  • Fed's Evans says rates to stay near zero until 2023, perhaps further out than that - BBG
  • Longer-term context is similarly bearish, as the recently completed November monthly bar confirmed the build of an evening star formation, which will often be followed with the aim of bearish continuation. Get your $USD market update from @JStanleyFX here:https://t.co/2pTugUA92V https://t.co/wJ3udTTiku
AUD/USD Technical Analysis: Signs of Looming Downturn Remain

AUD/USD Technical Analysis: Signs of Looming Downturn Remain

2018-02-01 00:00:00
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 clings to trend support but bearish cues continue to warn of topping
  • Short position needs confirmation on a daily closing basis before being actionable

The Australian Dollar has managed to cling onto rising trend line support guiding the move higher since mid-December but signs of topping remain intact. The currency’s struggle to hold above the 2017 swing high coupled with negative RSI divergence – a sign of ebbing upside momentum – hint a drop may be ahead.

From here, a daily close below trend line support at 0.8028 opens the door for a test of the 23.6% Fibonacci retracement at 0.7986. Alternatively, a move back above 0.8066, an inflection point marked by the July 27 high, paves the way for another challenge of the September 8 top at 0.8125.

Clear-cut confirmation of a top remains elusive absent a clear breach of trend line support, warning against entering short prematurely. If support does hold, a viable bullish signal will be needed to justify taking up the long side. In the meantime, opting for the sidelines seems most prudent.

Find out here what the #1 mistake that traders make is and how you can fix it!

AUD/USD Technical Analysis: Signs of Looming Downturn Remain

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

DISCLOSURES