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. See our updated Privacy Policy here.

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
Bullish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Hey traders! The lift in sentiment is inconsistent. What are some themes we should be looking out for? Find out from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/E9XhGxkm9s
  • Gold bulls remain in control with the precious metal closing above its 200DMA for the first time since early February. The combination of lower real yields and a softer USD. Get your $XAUUSD market update from @JMcQueenFX here:https://t.co/IIrfUPkoMr https://t.co/XAL6wh90Uz
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: -0.15% Silver: -0.26% Oil - US Crude: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FwuCskLt6F
  • The $DXY Dollar Index is working on its fourth consecutive daily slide. As we edge closer to the 2021 swing low (89.20 on Jan 6th), worth considering its big picture perspective on a weekly chart https://t.co/LBO5IOQBLU
  • $Silver trying for breakout, as well. BIG zone of resistance ahead, around the 30 handle. Already held two spikes (august, february). If bulls can eventually break through, could be some room to run (chart 2) $SLV $XAG https://t.co/QZHOsqJMno
  • US Treasury Secretary Yellen: - Corporate taxes are at historic lows - Reform is needed to help pay for infrastructure upgrades $USD $DXY $TNX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.53%, while traders in EUR/USD are at opposite extremes with 69.68%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rZoMbRL3E4
  • a lot of talk about Burry's short on tsla. I'm more intrigued by the bet on inflation. the tsla trade seems to be getting all of the attention Burry was very early on subprime and also pretty early (but ahead of most of the crowd) on $GME. But, his analysis on both was on point
  • DAX 30 sees record high. EUR/USD takes advantage of USD selling. Get your #DAX market update from @HathornSabin here:https://t.co/2uHZRg8ABr https://t.co/aLpmnOYYti
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 0.32% Oil - US Crude: 0.08% Gold: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pt4D4llGLP
AUDUSD Technical Analysis: Aussie Dollar Top May Be in Place

AUDUSD Technical Analysis: Aussie Dollar Top May Be in Place

Ilya Spivak, Head Strategist, APAC

AUDUSD TECHNICAL OUTLOOK: BEARISH

  • AUDUSD recoils from trend resistance, signals a top is in place
  • Near-term support at 0.6827, with 2019 low at 0.6744 following
  • Overall chart setup still hints at descent to challenge 0.67 figure

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

The Australian Dollar tracked lower after a retest of support-turned-resistance at the bottom of a bearish Descending Triangle chart pattern, as expected. Prices attempted to recover after breaking counter-trend support and even managed to set a higher swing top, but the effort fizzled. A bearish Evening Star coupled with negative RSI divergence now reinforces the case for a reversal.

Australian Dollar vs US Dollar price chart - daily

From here, the next significant layer of support seems to be in the 0.6827-65 area, marked by recent attempts to challenge trend-defining support at the January 2016 low. Securing a break below that on a daily closing basis probably opens the door for a challenge of the 2019 spike low at 0.6744. The outermost layer of downward-sloping trend resistance is now at 0.7088.

Zooming out to the weekly chart, overall technical positioning continues to suggest the AUDUSD downtrend started in early 2018 has resumed following a period of congestion. While the support at 0.6827 is yet to be broken, measuring the width of the Descending Triangle pattern defining the digestive period prior to breakdown implies a steeper decline to test the 0.67 figure.

AUDUSD Technical Analysis: Aussie Dollar Top May Be in Place

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