• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

AUD/USD Breakout Gives- Exhaustion Ahead?

Forex Tips by Forex Tips
July 24, 2020
in Technical Analysis
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Australian Dollar Technical Price Outlook: AUD/USD Weekly Trade Levels

  • Australian Dollar technical trade level update – Weekly Chart
  • AUD/USD breakout testing multi-year Fibonacci resistance at 7131
  • Aussie constructive while above 6807- Resistance at 7328

The Australian Dollar rallied more than 1.3% against the US Dollar this week with a breakout in AUD/USD fueling a fifth consecutive weekly rally to fresh yearly highs. The advance stalled this just above long-term Fibonacci resistance before pulling back with the broader Aussie outlook constructive while within this multi-month channel formation. These are the updated targets and invalidation levels that matter on the AUD/USD weekly price chart. for an in-depth breakdown of this Aussie trade setup and more.

Starts in:

Live now:

Jul 27

( 12:07 GMT )

Live Weekly Strategy Webinars on Mondays at 12:30GMT

Weekly Scalping Webinar

Register for webinar

Join now

Webinar has ended

Australian Dollar Price Chart – AUD/USD Weekly

AUDUSD Price Chart

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

Notes:In my last Australian Dollar Weekly Price Outlook we noted that Aussie was, “poised to close its third consecutive weekly advance, the rally remains vulnerable while below the 2020/2019 yearly open resistance at 7016/42.” A breach above this threshold early in the week fueled a breakout in AUD/USD with the rally faltering just above long-term Fibonacci resistance at the 61.8% retracement of the 2018 decline at 7131– the immediate advance may be vulnerable while below this threshold.

Initial support now back at 7016/42 with bullish invalidation now raised to the late-April trendline / 6807. A break below the 2008 low-week close / 2019 low at 6660/70 would ultimately be needed to mark resumption of the broader downtrend. A topside breach from here keeps the focus on the 2019 high / May 2017 swing low / upper parallel at 7295-7329 – an area of interest for possible topside exhaustion. Look for a larger reaction there for guidance IF reached.

USD Forecast

USD Forecast

Recommended by Michael Boutros

Download Our Latest Quarterly Dollar Price Forecasts!

Bottom line: A breakout in the Australian Dollar has already taken out initial resistance objectives at key Fibonacci resistance – a close above 7131 is needed to keep the long-bias viable towards 7329. From a trading standpoint, a good zone to reduce long-exposure / raise protective stops. Look for downside exhaustion ahead of 7016 IF price is indeed heading higher on this stretch. Review my latest Australian Dollar Price Outlook for a closer look at the near-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

AUDUSD Client Sentiment

  • A summary of IG Client Sentiment shows traders are net-short AUD/USD – the ratio stands at -1.91 (34.35% of traders are long) – bullish reading
  • Long positions are 9.57% lower than yesterday and 7.41% lower from last week
  • Short positions are7.38% lower than yesterday and 9.14% 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 rise. Traders are more net-short than yesterday but less net-short from last week and the combination of current positioning and recent changes gives us a further mixed AUD/USD trading bias from a sentiment standpoint.



of clients are net long.



of clients are net short.

Change in Longs Shorts OI
Daily 0% -5% -3%
Weekly -1% -8% -6%

—

Key Australia / US Data Releases

AUD ECO Calendar

Economic Calendar – latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

— Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex





Source link

Share76Tweet47

Related Posts

Calls for a Top are Premature Even if Right

Gold Drifts Towards Range Extremes– XAU/USD Levels

by Forex Tips
April 13, 2021
0

Gold priceupdated technical trade levels - Weekly ChartXAU/USD recovery remains vulnerable sub-1767, Support 1707New to Gold Trading? Get started...

EUR/USD Pulls Back from July High as EU Splits COVID Recovery Fund

EUR/USD Short-term Chart Setting Euro Up for a Move

by Forex Tips
April 13, 2021
0

EUR/USD Technical OutlookEuro wedge forming on the 4hr/1-hr chartsLevels and lines to watch in the near-term EUR Technical Outlook:...

Tests Critical Trendline Resistance Level

AUD/CHF, NZD/CHF, EUR/CHF Chart Setups

by Forex Tips
April 13, 2021
0

Swiss Franc Technical Forecast – Talking PointsAUD/CHF at risk of further downside after a trendline breakNZD/CHF continued downside likely,...

Pound Rebound to be Short Lived- GBP/USD Levels

GBP/USD April Range Set on Support- Cable Levels

by Forex Tips
April 12, 2021
0

Sterling Technical Price Outlook: GBP/USD Trade LevelsSterling technical trade level update – Daily & Intraday ChartsGBP/USD carves April opening-range...

Aussie Support Grind- AUD/USD Breakout Pending

by Forex Tips
April 12, 2021
0

Australian Dollar Technical Price Outlook: AUD/USD Weekly Trade LevelsAustralian Dollar technical trade level update - Weekly ChartAUD/USD sell-off plunges...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.