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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • The recent surge in the Treasury market has pushed the benchmark 10Y yield back above the S&P 500 dividend yield https://t.co/x28BFkmjNv
  • S&P 500 on the verge of getting separation from March trend-line. Nasdaq 100 below March trend-line, triggering H&S pattern. Get your #equities market update from @PaulRobinsonFX here:https://t.co/quhMgBpoiq https://t.co/n0jtTnVNwl
  • Japanese Gov't recommends 2-week extension of Tokyo virus emergency - BBG $JPY
  • While the rise in yields is weighing on risk trends, carry trade didn't seem to take the hit. In fact, the charge in US yields seems to have far outweighed the de-risking from $USDJPY's perspective: https://t.co/KpOpgopOep
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.09% 🇬🇧GBP: -0.40% 🇦🇺AUD: -0.69% 🇳🇿NZD: -0.81% 🇯🇵JPY: -0.90% 🇨🇭CHF: -0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8Tvotykz9y
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Gold: -0.69% Silver: -2.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/faJTbi16VK
  • AUD/USD now off daily lows, remains much weaker as a result of broad US Dollar strength $AUDUSD https://t.co/OkdKWbepAR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 70.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XXOjh5LmaB
  • Silver price action stalls between Moving Averages. Platinum prices currently confined by Fibonacci Support. Get your market update from @Tams707 here:https://t.co/Nbl8FDmfps https://t.co/VyuZzP8w2q
  • US Markets at the Close $NDX 12464.0 -1.73% $SPX 3768.49 -1.34% $DJI 30924.14 -1.11%
AUD/USD Technical Analysis: Aussie Dollar May Break Range Floor

AUD/USD Technical Analysis: Aussie Dollar May Break Range Floor

Ilya Spivak, Head Strategist, APAC

AUD/USD TECHNICAL OUTLOOK: BEARISH

  • Australian Dollar recoiling from resistance to test pivotal range floor
  • Confirmed break lower might precede probing below the 0.66 figure
  • Retail trader sentiment studies offer mixed AUD/USD direction cues

Last week, the appearance of positive RSI divergence hinted that Australian Dollar selling pressure may be ebbing. That might have led into a consolidative pause or a corrective recovery before sellers reasserted the longer-term downward trend.

Current positioning seems to tilt in favor of the former scenario. Prices struggled at resistance capping the down move in play since the beginning of the year, failing to find follow-through on multiple forays to the upside. Capitulation may now be underway amid broad-based risk aversion.

AUD/USD is back to challenge range support in the 0.6671-90 area. A break below that confirmed on a daily closing basis may set the stage for a move below the 0.66 figure to challenge 0.6550. Re-establishing a foothold above 0.6755 is probably a prerequisite for neutralizing the near-term bearish bias.

Australian Dollar vs US Dollar price chart - daily

AUD/USD daily chart created with TradingView

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

AUD/USD TRADER SENTIMENT

Chart of Australian Dollar vs US Dollar exchange rate, retail trader sentiment

Retail trader data shows 72.49% of traders are net-long with the ratio of traders long to short at 2.63 to 1. The number of traders net-long is 2.68% higher than yesterday and 5.91% lower from last week, while the number of traders net-short is 2.35% higher than yesterday and 20.08% higher from last week.

IG Client Sentiment(IGCS) is typically used as a contrarian indicator, so traders being net-long suggests AUD/USD may continue to fall.Positioning is more net-long than yesterday but less so versus last week. On balance, that makes for a mixed sentiment-based AUD/USD bias.

See the full IGCS sentiment report here.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Ilya Spivak
Improve your trading with IG Client Sentiment Data
Get My Guide

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