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
  • #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:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here:
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:
AUDUSD Technical Analysis: Double Top Forming Below 0.7050?

AUDUSD Technical Analysis: Double Top Forming Below 0.7050?

2019-07-17 06:30:00
Ilya Spivak, Head Strategist, APAC


  • AUDUSD hints at double top with Bearish Engulfing candle pattern
  • Confirming longer-term reversal calls for one-month trendlinebreak
  • July’s swing top near 0.7050 continues to mark immediate resistance

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

The Australian Dollar tried its luck on the upside once again. Last week’s attempt at bearish reversal was cut short above the 0.69 figure and followed by a retest of downward-sloping trend resistance capping gains since early December 2018. Sellers might yet prevail however as the appearance of a Bearish Engulfing candlestick pattern hints a Double Top reversal is in the works.

Australian Dollar vs US Dollar price chart - daily

Zooming in to the four-hour chart appears to bolster the case for a downside scenario. Prices have demonstrably breached support defining the upswing from last week’s bottom, signaling that the move has been exhausted. Near-term support is holding back a deeper selloff thus far however, warning that the case for a reversal rather than mere consolidation is as-yet unconfirmed.

Australian Dollar vs US Dollar price chart - 4 hour

Breaking the broader upward trajectory established along swing lows over the past month seems like it would be a more convincing indicator of downward follow-through. That would amount to clearing the block of back-to-back support levels in the 0.6934-53 zone. Several minor inflection points aside, achieving such a break probably sets the stage to challenge the pivotal January 2016 bottom at 0.6827.


--- 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.