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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • ECB's Panetta: - 2021 is still "a pandemic year" - Policy support will have to remain in place well beyond the end of the pandemic #ECB $EUR
  • 🇨🇦 GDP Growth Rate Annualized (Q4) Actual: 9.6% Expected: 7.5% Previous: 40.6% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 🇨🇦 GDP Growth Rate QoQ (Q4) Actual: 2.3% Previous: 8.9% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 🇨🇦 GDP MoM (DEC) Actual: 0.1% Expected: 0.3% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-03-02
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/o1AZOCKS5W
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.16%, while traders in Germany 30 are at opposite extremes with 74.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RkDNvZYimo
  • Yen pairs continuing to impress, last week's pullback in $AUDJPY opens into this week's strength https://t.co/5c5K2eDJMi https://t.co/W2b7ZPJ13X
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.35% 🇬🇧GBP: -0.07% 🇳🇿NZD: -0.07% 🇯🇵JPY: -0.13% 🇪🇺EUR: -0.18% 🇨🇭CHF: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MIZk4QkIxl
  • Heads Up:🇨🇦 GDP MoM (DEC) due at 13:30 GMT (15min) Expected: 0.3% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-03-02
  • Heads Up:🇨🇦 GDP Growth Rate Annualized (Q4) due at 13:30 GMT (15min) Expected: 7.5% Previous: 40.5% https://www.dailyfx.com/economic-calendar#2021-03-02
AUD/USD Technical Analysis: 12-Month Aussie Downtrend Over?

AUD/USD Technical Analysis: 12-Month Aussie Downtrend Over?

Ilya Spivak, Head Strategist, APAC

AUD/USD TECHNICAL OUTLOOK: NEUTRAL

  • Australian Dollar challenging year-long downtrend resistance
  • Break upward may neutralize bearish bias, target above 0.69
  • Long-term chart positioning warns against bullish exuberance
Starts in:
Live now:
Mar 08
( 03:03 GMT )
Recommended by Ilya Spivak
Cross-Market Weekly Outlook
Register for webinar
Join now
Webinar has ended

The Australian Dollar finds itself at a decisive point as prices challenge resistance guiding them lower since November 2018. A daily close above this barrier initially opens the door to challenge of 0.6930, October’s swing high. More critically however, such a move would suggest the near-term bearish bias has been neutralized, setting the stage for extension upward.

It bears mentioning however that prices dropped on each of the five occasions that this resistance was tested over the past year, shedding 4.5 percent on average. Initial support is marked by recent swing lows at 0.6800 and 0.6755. Making the case for full-throated downtrend resumption probably calls for breaching the range floor containing prices since early August, in the 0.6671-90 zone.

Australian Dollar vs US Dollar price chart - daily

Daily AUD/USD chart created with TradingView

Zooming out to the monthly chart seems to bolster the bearish argument. It shows AUD/USD doing little since July as a break of four-year support near the 0.70 figure is digested. That move was preceded by a still-more tectonic breach of 17-year support in August 2018. On balance, that makes recent price action appear as consolidation before downtrend resumption, with the 0.60-0.6352 zone beckoning ahead.

Australian Dollar vs US Dollar price chart - monthly

Monthly AUD/USD chart created with TradingView

AUD/USD 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