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
Oil - US Crude
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.16%, while traders in US 500 are at opposite extremes with 76.96%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PYu9xhQXLN
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.09% France 40: 0.09% US 500: -0.01% Wall Street: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/8jftlGtYTv
  • Here is my scenario table for the #FOMC rate decision tomorrow. Will be covering it live if you want to come and join (starting 15mins before the decision): https://t.co/d6QBYyVd9N https://t.co/zZzdCwXMFa
  • Update on #Cryptocurrencies #BITCOIN -2.00% #BITCOINCASH -1.14% #ETHEREUM -1.87% #RIPPLE -1.34% #LITECOIN -1.23%
  • RT @CVecchioFX: A question I frequently get asked these days is, "Is it realistic to believe that the US Dollar can lose its role in the gl…
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=1338844901231735299&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • US 10-Year Notes Draw 1.842% Primary Dealers Accepted: 24.5% Direct Bidders Accepted: 19.4% Indirect Bidders Accepted: 56.1% B/C Ratio: 2.43
  • ⬇️ Highly recommend my fellow volatility fiends give this article a read https://t.co/iQTNxAInvW
  • RT @HuXijin_GT: US Congress passed many China-related bills, China can't respond to all of them. The principle of Chinese government, as I…
  • here we go, starting right now -> https://www.dailyfx.com/webinars/1338844901231735299?webinar=1338844901231735299&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr https://t.co/xx9H1CqID9
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, Sr. Currency Strategist


  • 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 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.


News & Analysis at your fingertips.