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
Mixed
GBP/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
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
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
  • #Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the $XAUUSD weekly chart. Get your $gld technical analysis from @MBForex here: https://t.co/RILBGhLAQZ https://t.co/q5znMUlEQA
  • German Bund Yields Update: 2-Year: -0.639% 3-Year: -0.651% 5-Year: -0.548% 7-Year: -0.480% 10-Year: -0.290% 30-Year: 0.228%
  • The $AUD erased half of November’s down move in a mere two days but the dominant trend bias continues to favor weakness ahead. Get your market update from @IlyaSpivak here:https://t.co/ShYksfNXyS https://t.co/OVhyNgLRn5
  • We were almost there, but the $SPX fell short of a >1.0% daily change. That raises the tally to 39 consecutive trading days without a climb or fall of even a moderate measure https://t.co/ibt82dBGmh
  • En español: El oro tropieza y se precipita en caída libre. ¿Qué explica las pérdidas del metal dorado y la alta volatilidad en los mercados financieros? #XAUUSD #trading $gold https://t.co/Hdsd0z1qih https://t.co/WKnGaABVS8
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇦🇺AUD: 0.17% 🇯🇵JPY: 0.14% 🇨🇭CHF: -0.30% 🇪🇺EUR: -0.38% 🇨🇦CAD: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lrSRyCHLjw
  • Martin Guzman named as Argentina's new Minister of Economy $USDARS
  • YouGov poll finds 52% for Johnson winning debate vs 48% for Corbyn $GBPUSD
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.15% Gold: -1.07% Silver: -2.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/MUWxfLEsGn
AUD/USD Technical Analysis: Triangle Setup May Set Stage for Drop

AUD/USD Technical Analysis: Triangle Setup May Set Stage for Drop

2019-04-09 02:00:00
Ilya Spivak, Sr. Currency Strategist
Share:

AUD/USD Technical Strategy: BEARISH

  • Australian Dollar still waiting to find directional conviction near 0.71
  • Descending Triangle setup hints at bearish bias, confirmation needed
  • Bearish bias invalidation point at trend line just below the 0.72 figure

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

The Australian Dollar continues to struggle for directional conviction against its US counterpart, with prices still stuck in choppy range near the 0.71 level. Still, overall positioning suggests the path of least resistance favors a downside bias.

An orderly decline started in January 2018 bottomed in October, giving way to prolonged consolation. Price action since then has traced out what appears to be a descending Triangle pattern. This is a setup typically indicative of bearish trend continuation.

Confirmation is still pending. A daily close below support in the 0.6982-7021 area would complete the Triangle, initially exposing the 0.69 figure thereafter. The pattern would imply far more ambitious downside objective below the 0.66 figure over the longer term however.

Invalidation of the bearish setup calls for a daily close above resistance in the 0.7093-0.7188 zone. A daily close above its outer layer may not necessarily imply a structural change of trend, but would probably defuse near-term selling pressure and set the stage for a retest of the January 31 swing high at 0.7295.

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

News & Analysis at your fingertips.