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.



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
Oil - US Crude
Wall Street
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.21%, while traders in GBP/USD are at opposite extremes with 68.58%. See the summary chart below and full details and charts on DailyFX:
  • 🇦🇺 Building Permits MoM Final (MAR) Actual: 17.4% Expected: 17.4% Previous: 20.1%
  • Biden EPA expands fuel waivers to blunt gas shortages - BBG #OOTT $CL_F
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower.
  • USD/Yuan reference rate set to 6.4258 - BBG $USDCNH
  • South Korea says 664k people have received a 2nd Covid vaccine dose - BBG
  • Heads Up:🇦🇺 Building Permits MoM Final (MAR) due at 01:30 GMT (15min) Expected: 17.4% Previous: 20.1%
  • Dow Jones Retreats as Inflation Heats Up, Hang Seng and ASX 200 in Sour Mood
  • The US Dollar may fall versus ASEAN currencies if dovish Fed speak extends the boost in sentiment after a huge miss in non-farm payrolls. USD/PHP is eyeing the Philippine Central Bank. Get your market update here:
  • RT @BrendanFaganFx: Bitcoin, Ethereum, Dogecoin Moving Mainstream as Hollywood's Elite Embrace Crypto #Ethereum #Bitcoin $ETH $BTC Link:…
Australian Dollar Outlook: AUD/USD Plunges into Multi-Month Support

Australian Dollar Outlook: AUD/USD Plunges into Multi-Month Support

Michael Boutros, Strategist

Australian Dollar Technical Price Outlook: Near-term Trade Levels

  • Australian Dollar technical trade level update – Daily & Intraday Charts
  • AUD/USD approaches multi-week range / slope support
  • Near-term support 7700, 7675(key) – resistance / bearish invalidation 7770

The Australian Dollar is on defensive against the US Dollar post-RBA with AUD/USD down more than 0.7% in early US trade. The decline takes Aussie with in striking range of key support at multi-week range lows and we’re looking for possible price inflection here early in the month. These are the updated targets and invalidation levels that matter on the AUD/USD technical price charts. Review my latest Strategy Webinar for an in-depth breakdown of this Aussie setup and more.

Australian Dollar Price Chart – AUD/USD Daily

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

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

Technical Outlook: In last month’s Australian Dollar Price Outlook we noted that the AUD/USD, “breakout is now approaching initial uptrend resistance objectives. From a trading standpoint, look to reduce long-exposure / raise protective stops on a stretch towards the upper parallel / 7800 – an area of interest for possible price inflection / exhaustion IF reached.” Aussie registered an intraday high at 7817 before faltering with the pullback now testing multi-week range support at the 7701/08 technical confluence- a region defined by the 38.2% Fibonacci retracement of the April range and the objective 2021 yearly open. Note that that multi-month trendline support rests just lower and a break / close below would be needed to suggest a larger turn is underway. Key resistance steady at the 2018 yearly open / 61.8% retracement of the yearly range at 7801/25.

Australian Dollar Price Chart – AUD/USD 120min

Australian Dollar Price Chart - AUD/USD 120min - Aussie Trade Outlook - Technical Forecast

Notes: A closer look at Aussie price action shows AUD/USD trading within the confines of a descending pitchfork formation extending off the April highs with the weekly opening-range taking shape just above the 77-handle. Initial resistance stands at 7757 with near-term bearish invalidation now lowered to the 7771. A break lower from here would expose subsequent support objectives at the 50% retracement / median-line at ~7675 backed by the 61.8% retracement at 7641- look for a larger reaction there IF reached.

Bottom line: The Australian Dollar is testing the lower-bounds of a multi-week price range with the monthly opening-range taking shape just above slope support- we’re on breakout watch. From at trading standpoint, a good zone to reduce short exposure / lower protective stops – be on the lookout for topside exhaustion ahead of the upper parallel IF price is indeed heading lower with a break / close below 7675 needed to mark resumption of the late-April sell-off. 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 Retail Positioning - Technical Outlook
  • A summary of IG Client Sentiment shows traders are net-short AUD/USD - the ratio stands at -1.18 (45.84% of traders are long) – neutral reading
  • Long positions are 10.23% lower than yesterday and 15.46% higher from last week
  • Short positions are14.13% higher than yesterday and 17.56% lower 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 more net-short than yesterday but less net-short from last week. The combination of current positioning and recent changes gives us a further mixed AUD/USD trading bias from a sentiment standpoint.


Key Australia / US Data Releases

Key Australia / US Data Releases - AUD/USD Economic Calendar - Aussie Event Risk

Economic Calendar - latest economic developments and upcoming event risk.

Active Technical 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.