Australian Greenback Technical Value Outlook: AUD/USD Weekly Commerce Ranges

  • Australian Greenback technical commerce degree replace – Weekly Chart
  • AUD/USD rally probing multi-year downtrend resistance at multi-month highs
  • Aussie restoration susceptible near-term sub-7329 – key help regular at 7016

The Australian Greenback rallied greater than 0.60% in opposition to the US Greenback this week with AUD/USD buying and selling simply above the 73-handle in early US commerce on Friday. The rally takes Aussie again right into a key technical barrier we’ve been monitoring for weeks now and whereas the broader focus stays constructive, the advance is susceptible whereas beneath this resistance zone heading into the shut of the month – we’re on the lookout for inflection right here. These are the up to date targets and invalidation ranges that matter on the AUD/USD weekly value chart. for an in-depth breakdown of this Aussie commerce setup and extra.

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Australian Greenback Value Chart – AUD/USD Weekly


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

Notes:In my final Australian Greenback Weekly Value Outlook we famous that Aussie was, “testing a key technical confluence at multi-year downtrend resistance – elevated threat for inflection off this threshold with the post-election rally susceptible whereas beneath.” AUD/USD has continued to commerce into this crucial resistance threshold with the rally capped by the 2019 excessive / Could 2017 low at 7295-7329 – a breach / weekly shut above this threshold is required to maintain the long-bias viable with such a situation prone to gasoline an accelerated breakout in direction of the yearly excessive at 7413 backed by 7503 and the 38.2% Fibonacci retracement of the 2011 decline at 7635.

Weekly help stays regular on the 2020/2019 goal yearly opens at 7016/42– a break /shut beneath this threshold could be wanted to shift the broader focus decrease once more in direction of the 2016 low at 6827 and key help on the 2008 low-week shut / 2019 low / 38.2% retracement at 6660/84.

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Backside line: The Australian Greenback is as soon as once more testing a multi-year downtrend resistance confluence – bulls are susceptible sub-7329. From a buying and selling standpoint, zone to cut back long-exposure/ increase protecting cease – be looking out for potential topside exhaustion whereas beneath this threshold with a break beneath the month-to-month open 7125 wanted to shift the main focus again in direction of the vary lows. Finally, a pullback right here might provide extra favorable entries with a topside breach exposing the yearly highs. Evaluation my newest Australian Greenback Value Outlook for a more in-depth take a look at the near-term AUD/USD technical commerce ranges.

For an entire breakdown of Michael’s buying and selling technique, overview his Foundations of Technical Evaluation sequence on Building a Trading Strategy

Australian Greenback Dealer Sentiment – AUD/USD Value Chart

AUDUSD Client Sentiment

  • A abstract of IG Shopper Sentiment exhibits merchants are net-long AUD/USD – the ratio stands at -2.12 (32.03% of merchants are lengthy) – bullishstudying
  • Lengthy positions are 0.41% decrease than yesterday and 1.98% larger from final week
  • Quick positions are0.79% larger than yesterday and 5.09% larger from final week
  • We usually take a contrarian view to crowd sentiment, and the actual fact merchants are net-short suggests AUD/USD costs might proceed to rise. Merchants are additional net-short than yesterday and final week, and the mix of present positioning and up to date modifications offers us a stronger AUD/USD-bullish contrarian buying and selling bias from a sentiment standpoint.

of purchasers are internet lengthy.

of purchasers are internet brief.

Change in Longs Shorts OI
Each day -16% 6% -1%
Weekly -4% 11% 6%

Key Australia / US Information Releases

Australian Dollar Forecast: Aussie Rally Testing Key Breakout Levels

Financial Calendarnewest financial developments and upcoming occasion threat.

Earlier Weekly Technical Charts

— Written by Michael Boutros, Technical Foreign money Strategist with DailyFX

Comply with Michael on Twitter @MBForex