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
Bearish
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
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.06% US 500: 0.04% Germany 30: -0.01% FTSE 100: -0.05% France 40: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/msERy71qqp
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/0EPD9GZWPe
  • RBA's Debelle - Economic recovery significantly exceeded the most optimistic expectations - But that is not the case for wages and inflation - Will not raise rates until actual inflation is sustainably within target band - Do not expect these conditions to be met until 2024
  • 💶 Retail Sales YoY (MAR) Actual: 12% Expected: 9.6% Previous: -1.5% https://www.dailyfx.com/economic-calendar#2021-05-06
  • Heads Up:💶 Retail Sales YoY (MAR) due at 09:00 GMT (15min) Expected: 9.6% Previous: -2.9% https://www.dailyfx.com/economic-calendar#2021-05-06
  • Heads Up:🇦🇺 RBA Debelle Speech due at 09:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-06
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/ffKynOknhM
  • 🇬🇧 Markit/CIPS UK Services PMI Final (APR) Actual: 61.0 Expected: 60.1 Previous: 56.3 https://www.dailyfx.com/economic-calendar#2021-05-06
  • 🇬🇧 Markit/CIPS Composite PMI Final (APR) Actual: 60.7 Expected: 60 Previous: 56.4 https://www.dailyfx.com/economic-calendar#2021-05-06
  • Heads Up:🇬🇧 Markit/CIPS UK Services PMI Final (APR) due at 08:30 GMT (15min) Expected: 60.1 Previous: 56.3 https://www.dailyfx.com/economic-calendar#2021-05-06
AUDUSD Chart Analysis: Aussie Dollar Resumes Downtrend, Eyes 0.67

AUDUSD Chart Analysis: Aussie Dollar Resumes Downtrend, Eyes 0.67

Ilya Spivak, Head Strategist, APAC

AUDUSD CHART ANALYSIS: BEARISH

  • AUD bounce rejected at former support, countertrend line broken
  • Downtrend resumption initial eyes support in the 0.6827-65 area
  • Longer-term positioning hints at test of 0.67 figure on the horizon

Join our live RBA rate decision webinar to see how it will impact trading AUDUSD!

The Australian Dollar appears to have confirmed that the recent upswing against its US counterpart was corrective in the context of a larger downtrend, as expected. Prices dropped after putting in a demonstrative Bearish Engulfing candlestick pattern on a retest of support-turned-resistance and broke rising countertrend support set from mid-May, seemingly confirming the reversal.

Near-term support is now in the 0.6827-65 zone, marked by the latest swing bottom as well as the January 2016 low. Breaking below that on daily closing basis seems likely to open the door for a test of the 2019 spike low at 0.6744. Immediate resistance remains in the 0.6978-0.7021 zone, with a reversal back above setting the stage for a challenge of the downward trend in place since early December 2018.

AUDUSD chart - daily

Zooming out to the weekly chart hints that a still-deeper downturn might be in the cards. That the latest swing lower was triggered squarely at the underside of a completed Descending Triangle chart pattern appears to reinforce the setup’s validity, and thereby its broader implications. A measured-move objective derived from a conservative assessment of its widest point implies downward progression to test the 0.67 figure.

AUDUSD Chart Analysis: Aussie Dollar Resumes Downtrend, Eyes 0.67

AUDUSD 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