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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT https://t.co/oYnm2OYRky
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:https://t.co/AquMSrssne https://t.co/DtFuFfrS7Q
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
AUD/USD Technical Analysis: Bearish Chart Setup Awaits Confirmation

AUD/USD Technical Analysis: Bearish Chart Setup Awaits Confirmation

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Strategy: BEARISH

  • Aussie Dollar still stuck in a range below 0.72 figure vs US namesake
  • Overall positioning hints at bearish Triangle formation taking shape
  • Daily close below 0.7054 might mark initial confirmation of reversal

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

The Australian Dollar continues to be mired in a choppy range below the 0.72 figure against its US counterpart. While this speaks to near-term indecision, the currency’s inability to build higher following November’s break above trend resistance guiding prices higher since January 2016 seems telling.

Indeed, the series of lower highs from early December may be carving out a Triangle formation. That typically marks consolidation before the resumption of the preceding trend. In this case, such a setup would carry decidedly bearish implications. Confirmation is still pending at this time however.

Prices are sitting squarely atop support in the 0.7054-76 area, making a short position seem unattractive from a risk/reward perspective. On the other hand, opting for the long side – even as a tactical trade without pretentions to lasting follow-through – might be seen as premature absent a clear bullish reversal signal.

Incoming event risk by way of the RBA monetary policy announcement might be another reason that traders are discouraged from committing to directional bet one way or the other at the moment. We will be tracking the rate decision and its AUD/USD impact live.

Australian Dollar vs US Dollar chart - daily

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