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
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
Gold
Mixed
Oil - US Crude
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
Bitcoin
Bullish
More View more
Real Time News
  • The $AUD may resume its downtrend while the #ASX 200 stock index powers higher as dovish monetary policy drives interest rates lower. Get your market update from @IlyaSpivak here: https://t.co/UPlHZrt6c2 https://t.co/EIIf9xackw
  • (Fundamental Forecast) Australian Dollar Could Wilt if Brexit Delayed, Growth Risks Hang $AUDUSD #Brexit - https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2019/10/19/Australian-Dollar-Could-Wilt-if-Brexit-Delayed-Growth-Risks-Hang.html?CHID=9&QPID=917702 https://t.co/2aOYhblN3g
  • The $USD faces selling pressure against the Malaysian Ringgit and Philippine Peso. More losses may be in store in $USDMYR as $USDPHP descends through rising support from 2013. Get your market update from @ddubrovskyFX here: https://t.co/t3kmFpmg1w https://t.co/miBrgxmtkA
  • $AUDJPY has launched yet another attempt to breach a multi-month downward trend resistance after failing to break above it in September. Will two consecutive defeats precede a reversal lower? Find out from @ZabelinDimitri here: https://t.co/b3nWUu0QZy https://t.co/Lj0ZSWOdp1
  • The #Euro has breached resistance guiding it lower for nearly four months, setting the stage for gains. Any near-term rise is unlikely to derail the long-term downtrend, however. Get your Euro market update here: https://t.co/gl9VRc3XEp https://t.co/K2mQuEolQc
  • We just closed out the $DXY's worst weekly tumble since January 2018...and it still hasn't cleared this frustratingly restrictive channel https://t.co/cJedpn0g8D
  • Heads Up:🇬🇧 GBP U.K. Government Sits to Discuss Brexit due at 23:01 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-10-18
  • “Gold Price Charts on Cusp of Major Breakout” - via @DailyFX Check out the preview of this week’s technical outlook for $XAUUSD below. Link to full analysis: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/10/18/xau-usd-xauusd-gold-price-charts-on-the-cusp-of-a-major-breakout.html https://t.co/7X6nkafn7D
  • With a #Brexit deal in focus and the US-China trade war de-escalating, G10 currencies’ central banks’ rate cut odds have receded. Get your market update from @CVecchioFX here: https://t.co/k7XkyKD7iW https://t.co/vaZV1vSWjP
  • ECB President Lagarde says Trump should stop criticizing the Fed with tweets -BBG
AUD/USD Technical Analysis: Aussie Outlook Bearish Despite Bounce

AUD/USD Technical Analysis: Aussie Outlook Bearish Despite Bounce

2019-04-30 00:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

AUD/USD Technical Strategy: BEARISH

  • Australian Dollar bounce stalls at near-term trend resistance
  • Triangle floor in focus, with breakdown to target below 0.67
  • Convincing bullish invalidation starts with Triangle top break

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

The Australian Dollar has continued to build on a reversal from resistance above the 0.72 figure, breaking support guiding the shorter-term upswing from early March. Prices are now testing the 0.6982-0.7021 area, a downside barrier limiting downside progress since October.

This zone also marks the lower boundary of a large Descending Triangle pattern. Confirmation on a daily close below it would complete the setup, suggesting that the dominant downtrend from January 2018 highs has resumed and implying a measured downside objective near 0.6650.

Australian Dollar vs US Dollar chart - daily

Sizing up near-term positioning on the four-hour chart, an upswing from support just below the 0.70 mark appears to be struggling to sustain momentum as prices test support-turned-resistance in the 0.7049-73 congestion region. This is reinforced by falling trend line resistance set from the April 17 swing high.

AUD/USD Technical Analysis: Aussie Outlook Bearish Despite Bounce

On balance, recent gains appear to be corrective within the context of a down move, at least thus far. Invalidating the bearish bias probably begins with a push through 0.7073 but a close above the Triangle top (now at 0.7158) is probably needed to establish conviction.

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.