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. See our updated Privacy Policy here.



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
Please try again
Wall Street
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
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Do you know the difference between investing and trading? Because while the goal might seem the same, they're very different things . Learn more here.
  • The Canadian Dollar remains supported amid elevated crude oil prices. Don’t be surprised if the Bank of Canada disappoints aggressive hawkish expectations. Earnings season is a wildcard. Get your weekly Loonie forecast from @ddubrovskyFX here:
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
  • The European Central Bank will consider it a job well done if there is no movement in EUR/USD or the Euro crosses before, during or after Thursday’s policy announcements by its Governing Council. Get your weekly Euro forecast from @MartinSEssex here:
  • Further your forex knowledge and gain insights from our expert analysts @ddubrovskyFX and @FxWestwater on JPY with our free Q4 market analysis guide, available for free today.
Australian Dollar Price Outlook: Aussie Breakout Stalls at 2020 Open

Australian Dollar Price Outlook: Aussie Breakout Stalls at 2020 Open

Michael Boutros, Strategist

Australian Dollar Technical Price Outlook: Near-term Trade Levels

  • Australian Dollar technical trade level update – Daily & Intraday Charts
  • AUD/USD breakout stalls at confluence resistance at the yearly high / open
  • Aussie at risk near-term while below 7042 - Broader outlook constructive while above 6660

The Australian Dollar is poised to snap an eight-day rally against the US Dollar with price reversing at confluence resistance at the yearly open today. While the broader focus remains higher, the advance may be vulnerable while below this key threshold. These are the updated targets and invalidation levels that matter on the AUD/USD price charts. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Aussie trade setup and more.

Australian Dollar Price Chart – AUD/USD Daily

Australian Dollar Price Chart - AUD/USD Daily - Australian Dollar vs US Dollar Trade Outlook - Aussie Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; AUD/USD on Tradingview

Technical Outlook: In my last Australian Dollar Price Outlook we note that Aussie remained constructive but was approaching resistance – “Near-term bullish invalidation now raised to 6417 with break below the weekly open at 6380 risking a more significant correction in Aussie.” Price briefly registered a low at 6372 into the May open before surging a full 10% into the June open. AUD/USD is poised to mark an outside-day reversal today off a key resistance zone we’ve been tracking at 7005/42- a region defined by the January 2019 low-day close and the July / 2019 & 2020 yearly opens. The immediate advance remains vulnerable while below this threshold near-term.

Australian Dollar Price Chart – AUD/USD 240min

Australian Dollar Price Chart - AUD/USD 240min - Australin Dollar vs US Dollar Trade Outlook - Aussie Technical Forecast

Notes: A closer look at Aussie price action sees AUD/USD trading within the confines of an ascending channel formation with an embedded consolidation pattern into the highs breaking to the downside today. Initial support objectives at 6856 backed by the February high at 6774 and key support at 6656/87- an area of interest for possible downside exhaustion IF reached. Weekly open resistance comes in at 6965 backed by 7005- look for a high below this level IF price is indeed heading lower. Ultimately, a breach / close above 7042 is needed to mark resumption of the broader uptrend.

Bottom line: The Australian Dollar is testing uptrend resistance at the yearly highs. While the broader focus remains weighted to the topside, the advance is vulnerable near-term while below key resistance. From at trading standpoint, a good spot to reduce long-exposure / raise protective stops. Be on the lookout for topside exhaustion ahead of the 70-handle for possible entries. Review my latest Australian Dollar Weekly Price Outlook for a closer look at the longer-term AUD/USD technical trade levels

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Australian Dollar Trader Sentiment – AUD/USD Price Chart

Australian Dollar Trader Sentiment - AUD/USD Price Chart - Aussie Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short AUD/USD - the ratio stands at -2.22 (31.02% of traders are long) – bullish reading
  • Long positions are 9.38% lower than yesterday and 10.19% lower from last week
  • Short positions are0.39% lower than yesterday and 9.24% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUD/USD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger AUD/USD-bullish contrarian trading bias from a sentiment standpoint.


Key Australia / US Data Releases

Australia US Economic Calendar - AUDUSD Key Data Releases - Aussie Event Risk

Economic Calendar - latest economic developments and upcoming event risk.

Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.