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
Bearish
GBP/USD
Mixed
USD/JPY
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
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/wcIGO1emDw
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/FfCkGhtHsm
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
  • $Gld prices are poised to mark the highest weekly-close in nearly seven-years, but the bulls aren’t in the clear yet. Here are the XAU/USD levels that matter next week. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/yeTH6HwncQ https://t.co/6sIpxTSNaX
  • Video https://t.co/PZeqhLumSR
  • The $USD rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on coronavirus fears. What is the technical outlook for USD/IDR, USD/SGD, USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/G3GmyOe4IT https://t.co/iq7ajeP6iv
  • RT @ddubrovskyFX: The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. USD/INR…
  • Bloomberg just reported that Australia confirmed its first #coronavirus case
  • Monday open volatility? https://t.co/0ElZtSfHsz
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, Sr. Currency Strategist
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.