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
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
Mixed
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • 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
  • ECB's De Guindos says monetary policy side effects are becoming more evident $EUR
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/10:30 AM GMT to gain insight on indices and commodities for the active trader. Register here: https://t.co/gghsFsZYlx https://t.co/ujAbNhzLpz
  • Why financial market traders must monitor both monetary and fiscal policy?Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/gbDTCgqHI5
  • Heads Up:🇬🇧 GBP Unit Labor Costs (YoY) (2Q) due at 09:30 GMT (15min), Actual: N/A Expected: N/A Previous: 2.1% https://www.dailyfx.com/economic-calendar#2019-11-20
  • RT @mynamejd: SP500 earnings revisions up & down per sector - Source Refinitiv https://t.co/bvmlQCltkN
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.87%, while traders in US 500 are at opposite extremes with 79.99%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/06877Dk0Iz
  • Heads Up:🇪🇺 EUR ECB Publishes Financial Stability Review due at 09:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-11-20
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: 0.37% Silver: 0.22% Oil - US Crude: -0.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Nl2cW4qqNE
  • US Dollar Selloff May Accelerate After #FOMC Minutes Released - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2019/11/20/US-Dollar-Selloff-May-Accelerate-After-FOMC-Minutes-Released.html
AUD/USD Technical Analysis: Deeper Aussie Dollar Drop Expected

AUD/USD Technical Analysis: Deeper Aussie Dollar Drop Expected

2018-10-11 00:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

AUD/USD Technical Strategy: NET SHORT AT 0.7456

  • Australian Dollar stalls but trend bias favors bearish resumption
  • Break of support above 0.70 threatens decline to three-year lows
  • Short trade remains in play, invalidation point above 0.71 mark

See our Q4 forecasts to learn what will drive key asset prices through year-end!

The Australian Dollar is stalling at support above the 0.70 figure against its US namesake but the broader price trend continues to look decidedly bearish. Rejection on a re-test support-turned-resistance in the 0.7085- 0.7104 area may precede bearish resumption.

AUD/USD Technical Analysis: Deeper Aussie Dollar Drop Expected

Immediate support is at 0.7041, the October 8 low. A break below that confirmed on a daily closing basis sees the next significant barrier at 0.6900, the September 2015 low, followed by the January 2016 bottom at 0.6827. Alternatively, a break above 0.7104 exposes trend resistance in the 0.7156-0.7229 zone.

A short AUD/USD position was activated at 0.7608. It was subsequently scaled up, first near 0.7530, then at 0.7325, and most recently at 0.7205. That makes for an overall cost basis at 0.7456. The stop-loss will be triggered on a dictionary basis.

AUD/USD TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

DISCLOSURES

News & Analysis at your fingertips.