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
Bearish
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
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇦🇺 Wage Price Index YoY (Q2) due at 01:30 GMT (15min) Expected: 1.9% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2020-08-12
  • If you missed this week's session on IGCS where I discussed recent developments in #SP500, #Gold, $AUDUSD and #Silver, check out the recording here - https://t.co/1Z0NfaJg4z
  • 🇦🇺 Westpac Consumer Confidence Index (AUG) Actual: 79.5 Previous: 87.9 https://www.dailyfx.com/economic-calendar#2020-08-12
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/7ZUOZVxfi8
  • Heads Up:🇦🇺 Westpac Consumer Confidence Index (AUG) due at 00:30 GMT (15min) Previous: 87.9 https://www.dailyfx.com/economic-calendar#2020-08-12
  • The US Dollar may rise on haven demand as US-China tension grows over technology and intra-governmental friction after Trump’s executive orders on coronavirus relief aid. Get your market update from @ZabelinDimitri here:https://t.co/t4CL53z0DV https://t.co/xHGeruppKR
  • Is $AUDJPY readying to extend gains since late March? Prices have lately been trading within the confines of an Ascending Triangle, a bullish continuation pattern To learn more about this chart pattern, read here - https://www.dailyfx.com/education/technical-analysis-chart-patterns/ascending-triangle.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gMW2GfqVvY
  • New Zealand Prime Minister Jacinda Ardern: - No decisions yet on whether to delay election - Dissolution of parliament will be delayed (BBG) #Coronavirus #NewZealand
  • See my outlook for Asia-Pacific trade and how #NZD may react to the RBNZ rate decision - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/08/11/NZDUSD-May-Rise-on-RBNZ-Rate-Decision-Tech-Stocks-Extended-Losses.html https://t.co/Kw5VK2c4Cl
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/12:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/YAzEromwmS
AUD/USD Technical Analysis: Inching Closer to Resuming Down Trend

AUD/USD Technical Analysis: Inching Closer to Resuming Down Trend

2019-03-25 00:30:00
Ilya Spivak, Head Strategist, APAC
Share:

AUD/USD Technical Strategy: BEARISH

  • Australian Dollar rejected at three-month resistance yet again
  • Overall positioning still argues in favor of bearish resumption
  • Break of near-term support line needed to build confirmation

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

The Australian Dollar is pulling back after yet another test of resistance guiding the currency lower against its US counterpart since early December 2018. Overall positioning still hints at a Triangle formation, which carries bearish continuation implications in the context of drop from January 2016 top.

Confirming the setup would require a daily close below support in the 0.6982-0.7021 area. That would initially expose the 0.6900 figure as the next downside barrier. Alternatively, a break above the outer layer of trend line resistance – now at 0.7212 – targets the January 31 high at 0.7295 next.

AUD/USD Technical Analysis: Inching Closer to Resuming Down Trend

Turning to short-term positioning, the four-hour chart reveals that prices are testing counter-trend support underpinning the latest upswing from the March 19 bottom. The absence of a confirmed break seems to skew risk/reward parameters against taking up the short side for the moment.

Australian Dollar vs US Dollar chart - 4 hour

Even if a break does materialize, a notable congestion area in the 0.7046-57 zone follows closely thereafter. On balance, this probably means that traders will wait for a piercing of the latter threshold before practically committing to a directional bias.

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.

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.