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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
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
  • Crude Oil Prices Rise as Trump Talks Hong Kong, Gold Up on US Unrest - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/06/01/Crude-Oil-Prices-Rise-as-Trump-Talks-Hong-Kong-Gold-Up-on-US-Unrest.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #CrudeOil #gold #XAUUSD #OOTT https://t.co/gXE7J4nA4K
  • 🇿🇦 ABSA Manufacturing PMI Actual: 50.2 Previous: 46.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Repaso a los eventos más importantes de la semana, enfoque en #Lagarde y el #BCE #trading https://t.co/tlKfrNq9xW https://t.co/TgfLmXwvVu
  • Repaso a los eventos más importantes de la semana, enfoque en #Lagarde y el #BCE #trading https://t.co/tlKfrNq9xW
  • Heads Up:🇿🇦 ABSA Manufacturing PMI due at 09:00 GMT (15min) Previous: 46.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • OPEC and Russia is said to be moving closer to an agreement on extension of oil production cuts, looking at 1-2 months - RTRS sources
  • 🇬🇧 Markit/CIPS Manufacturing PMI Final Actual: 40.7 Expected: 40.7 Previous: 32.6 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Sharp risk-off reversal after #China is reported to halt some US agriculture imports amid #HongKong tensions & #TradeWar escalation. #AUD, #NZD and #SP500 futures down. #USD and #JPY up. https://t.co/2uwoEalx62
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Final due at 08:30 GMT (15min) Expected: 40.7 Previous: 32.6 https://www.dailyfx.com/economic-calendar#2020-06-01
  • China is said to halt some US soy imports as tensions rise
AUD/USD Technical Analysis: Another Test Near 0.67 Due Ahead?

AUD/USD Technical Analysis: Another Test Near 0.67 Due Ahead?

2020-04-29 04:00:00
Ilya Spivak, Head Strategist, APAC
Share:

AUD/USD TECHNICALOUTLOOK: NEUTRAL

  • Aussie Dollar rally powers prices above 2020 downtrend resistance
  • Resistance sub-0.67 might be retested, critical support above 0.62
  • Trader sentiment studies skew bearish but warn a reversal is brewing

The Australian Dollar brushed aside last week’s would-be breakdown. The currency reclaimed the upper hand against its US counterpart after finding support above the 0.62 figure, powering through resistance capping gains since the start of the year.

A seemingly minor support-turned-resistance barrier at 0.6505 is now being tested, with a decisive breach confirmed on a daily closing basis probably setting the stage for a retest of the 0.6671-90 zone. Returning back below 0.6214 is perhaps a prerequisite for meaningful downtrend resumption.

AUD/USD Technical Analysis: Another Test Near 0.67 Due Ahead?

AUD/USD daily chart created with TradingView

Zooming out to the monthly chart is a helpful reminder that the structural trend bias continues to tilt bearish. Within this context, prices are understandably reticent to break critical support marked by the 2008-9 lows, at least at first. As long as trend resistance near 0.70 isn’t broken however, recent gains seem corrective.

AUD/USD Technical Analysis: Another Test Near 0.67 Due Ahead?

AUD/USD monthly chart created with TradingView

Starts in:
Live now:
Jun 02
( 02:06 GMT )
Recommended by Ilya Spivak
AUD/USD Trading Preparation for the Week Ahead
Register for webinar
Join now
Webinar has ended

AUD/USD TRADER SENTIMENT

Retail sentiment data shows 54.26% of traders are net-short, with the short-to-long ratio at 1.19 to 1. IG Client Sentiment (IGCS) is typically used as a contrarian indicator, so traders being net-short suggests a bullish AUD/USD trend bias.

However, the net-short skew in overall positioning has narrowed relative to yesterday and compared with last week. This warns thatthe Aussie Dollar may be laying the groundwork to reverse lower, despite the bullish cues still evident in current positioning.

AUD/USD Technical Analysis: Another Test Near 0.67 Due Ahead?

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

FX 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.