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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here -
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here:
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
AUDUSD Chart Analysis: Aussie Sellers Move to Retake Control

AUDUSD Chart Analysis: Aussie Sellers Move to Retake Control

2019-07-02 03:30:00
Ilya Spivak, Head Strategist, APAC


  • AUDUSD upswing rejected at Triangle floor support-turned-resistance
  • Break of upward-sloping support hints dominant downtrend back in play
  • Overall positioning suggests a move to decade lows may be in the works

Get help building confidence in your AUDUSD strategy with our free trading guide!

The Australian Dollar recoiled from support-turned-resistance marking the floor of a recently completed Descending Triangle pattern. The chart formation itself carries bearish implications and the prices’ violent rejection on a retest of its parameters seems to reinforce the case for weakness, painting the rise from mid-June lows as corrective in the context of a larger decline.

In fact, prices have now broken support guiding recent gains on a closing basis, imbuing the downside scenario with a sense of urgency. Immediate support lines up in the 0.6827-65 area, the site of recent swing bottoms as well as the January 2016 low. Pushing below that puts the 2019 spike low at 0.6744 in the crosshairs. Invalidating the setup’s bearish likely requires a topside breach of the Triangle top, now at 0.7101.

AUDUSD Chart Analysis: Aussie Sellers Move to Retake Control

A still-more ominous picture presents itself upon examining longer-term positioning on the weekly chart. A conservative measuring the Triangle’s implied downside objective by applying the distance at its widest point to the point of breakout suggests a decline to challenge the 0.67 figure is in the works ahead. That would put the Aussie at the lowest in over a decade against its US counterpart.

AUDUSD price chart - weekly


--- Written by Ilya Spivak, Currency Strategist for

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.