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
Oil - US Crude
Mixed
Wall Street
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
Gold
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
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
Real Time News
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/EIC9YqfTec
  • Anybody else think that casting directors in movies are some of the most underrated people when it comes to giving a film/series credit?
  • No https://t.co/EoBltaP17k
  • Crude #oilprices may face heightened liquidation pressure as the cycle-sensitive #commodity finds itself under the pressure of resilient resistance and a vulnerable, multi-week rising channel. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/cGPX4qcOH1 https://t.co/0U4JMJVFuf
  • The @ecb will likely boost its Pandemic Emergency Purchase Program at Thursday’s meeting of its Governing Council; a move that could give the #Euro a lift. Get your currencies market update from @MartinSEssex here: https://t.co/I4PbmJNG1z https://t.co/hu6Ld1KdDB
  • $GBPUSD doesn’t have the cleanest set of technical indications, but #USD may give indications if it can break its trading range via the $DXY. Get your currencies market update from @PaulRobinsonFX here: https://t.co/PrC9wAaXvU https://t.co/vHYHflwqR3
  • The ongoing contraction in US production may keep #oilprices afloat in June as crude output falls to its lowest level since October 2018. Get your crude #oil market update from @DavidJSong https://t.co/jj1bMLX0DF https://t.co/O9NOqbfHkb
  • watching the #SpaceX launch🍿
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
  • The medium-term #gold outlook still seems favorable as the #Fed, #ECB and more keep rates around 0. Immediate event risk ahead includes the #RBA and #BoC interest rate decisions, US jobs data and Brexit. Get your gold market update from @ddubrovskyFX here: https://t.co/ABXy78LmUn https://t.co/rCALcGaKOL
AUD/USD Technical Analysis: Bearish Reversal Attempt Invalidated

AUD/USD Technical Analysis: Bearish Reversal Attempt Invalidated

2018-11-29 01:30:00
Ilya Spivak, Head Strategist, APAC
Share:

AUD/USD Technical Strategy: FLAT

  • Aussie Dollar roars higher as markets react to Powell comments
  • Counter-trend support break invalidated, range top back in play
  • Opting to wait for confirmation before re-entering short position

Get help building confidence in your AUD/USD strategy with our free trading guide!

The Australian Dollar managed to defend against another attempt at re-establishing the longer-term down trend, rebounding to overturn a break below counter-trend line support. The reversal came courtesy of broad-based US Dollar selling following comments from Fed Chair Jerome Powell, which the markets interpreted to mark a dovish turn in forward guidance.

AUD/USD Technical Analysis: Bearish Reversal Attempt Invalidated

From here, a daily close above resistance in the 0.7303-38 area opens the door for a challenge of August 21 high at 0.7382, followed by former support in the 0.7452-61 zone. Alternatively, a turn lower that clears support in the 0.7142-70 region opens the door for a retest of recent swing lows in the 0.7021-41 band. That barrier is reinforced by recently broken trend line resistance-turned-support set form late January.

The AUD/USD short position activated at 0.7231 has been stopped out. While bearish long-term positioning remains broadly intact, re-establishing exposure here seems premature. First, the markets seem determined to find reasons to unwind long-USD exposure. Second, an actionable near-term sell signal is conspicuously absent. With that in mind, opting for the sidelines appears to be prudent for now.

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.