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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
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
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • The FDA has approved the Pfizer-BioNTech vaccine for children aged 12-15 - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.92% 🇨🇦CAD: 0.14% 🇨🇭CHF: -0.08% 🇯🇵JPY: -0.23% 🇳🇿NZD: -0.25% 🇪🇺EUR: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tOILFlOHUE
  • US Labor Sec. Marty Walsh: Unemployment payments are not a deterrent of jobs $USD
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.32% Oil - US Crude: -0.09% Silver: -0.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/tK1AM3xwih
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.87%, while traders in Wall Street are at opposite extremes with 81.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/nUJ0iqkh2M
  • Bitcoin selling off over the last hour, now down more than 5% today $BTCUSD #BTC https://t.co/bZlTmyTo67
  • Well, that was an ugly close. $SPX 15min chart: https://t.co/HRlti80bvf
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.04% Wall Street: 0.03% France 40: -0.58% Germany 30: -0.61% FTSE 100: -0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/e6fmDyQxPH
  • U.S. State Department lowers U.K. travel advisory to level 3 - BBG $GBPUSD
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/7yjat28GJw
AUD/USD Technical Analysis: Key Trend Support Under Fire

AUD/USD Technical Analysis: Key Trend Support Under Fire

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Strategy: BEARISH

  • Australian Dollar testing key near-term support below 0.71 figure
  • Breakout sets the stage for completing large bearish Triangle setup
  • Invalidating bearish bias calls for a reversal back above 0.72 mark

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

The Australian Dollar accelerated lower after rejection at resistance capping upside progress against its US counterpart since early December 2018, as expected. Prices are now testing support guiding the upswing from early March, with a breakdown confirmed on a daily closing basis opening the door for a challenge of the 0.6982-0.7021 area.

That marks the bottom of an emerging Descending Triangle pattern. The setup typically carries bearish implications. Completing it with a close through support’s outer layer would signal resumption of the dominant downtrend started in January 2018. In this scenario, extrapolating the Triangle’s height downward from the breakout point implies a downside objective at 0.6650.

AUD/USD Technical Analysis: Key Trend Support Under Fire

Sizing up more immediate positioning on the four-hour chart, the 0.7049-73 congestion area seems to follow immediately after trend line support, with a breach below that setting the stage for a probe below the 0.70 figure. Thorough invalidation of the bearish tilt in overall positioning appears to call for a reversal back above the 0.72 figure, unlocking the range prevailing since mid-March.

Australian Dollar vs US Dollar chart - 4 hour

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