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
EUR/USD
Bullish
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
Oil - US Crude
Bullish
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
Wall Street
Bullish
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
Mixed
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
USD/JPY
Bullish
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
More View more
Real Time News
  • Trump says considering term-limited suspension of payroll tax - BBG
  • RT @FxWestwater: #SP500 Outlook: Options Traders Positioned for New All-Time High w/ @RichDvorakFX via @DailyFX $SPX https://t.co/8WkV…
  • Fed's Mester says there is not much support for going negative on rates - BBG
  • The Pound Sterling could continue its bullish trend if the Bank of England defers NIRP remarks. Get your $GBP market update from @RichDvorakFX here:https://t.co/0qVLWRjqIm https://t.co/IbRF1eBx1w
  • 🇧🇷 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2.25% https://www.dailyfx.com/economic-calendar#2020-08-05
  • White House Chief of Staff Meadows says talks done for the day on stimulus, no consensus reached- BBG
  • Fed's Mester: - More stimulus can be available from forward guidance and bond buying - Downside risks increased from recent virus uptick - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.54% 🇪🇺EUR: 0.52% 🇦🇺AUD: 0.43% 🇳🇿NZD: 0.38% 🇬🇧GBP: 0.32% 🇯🇵JPY: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gewmUIxsEK
  • The USD is approaching the 92.50 zone, which helped to hold the lows last week. Support or a reversal here puts AUD/USD in an interesting spot for reversals. Get your $USD technical analysis from @JStanleyFX here: https://t.co/mDGCXV26Q7 https://t.co/eAL5wzC3wi
  • Heads Up:🇺🇸 Fed Mester Speech due at 21:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-05
AUD/USD Technical Analysis: 12-Month Aussie Downtrend Over?

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

2019-12-12 03:00:00
Ilya Spivak, Head Strategist, APAC
Share:

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:
Aug 11
( 02:08 GMT )
Recommended by Ilya Spivak
AUD/USD Trading Preparation for the Week Ahead
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

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.