Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
James Hyerczyk

The Australian Dollar is trading lower on Tuesday, while posting an inside range. The chart pattern suggests investor indecision and impending volatility. We could also be looking at a transition in momentum after a steep rally.

Underpinning the Aussie is optimism over the ongoing trade talks between the United States and China. Capping gains, however, and exerting some downside pressure is the report showing a 4.4 percent drop in the Australian Trade Balance.

At 0505 GMT, the AUD/USD is trading .7127, down 0.0021 or -0.30%.


Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. The main trend will change to up on a trade through .7247. A move through .6764 will signal a resumption of the downtrend.

The minor trend is up. This shifted the momentum to up.

The main range is .7394 to .6764. The market is currently trading inside its retracement zone at .7079 to .7153. Trader reaction to this zone should determine the near-term direction of the AUD/USD.

The minor range is .7247 to .6764. Its retracement zone at .7062 to .7006 is support.

The key support area to watch is the support cluster at .7079 to .7062.


Daily Technical Forecast

Based on the early price action and the current price at .7127, the direction of the AUD/USD today is likely to be determined by trader reaction to the resistance cluster at .7153 to .7154.

Bullish Scenario

A sustained move over .7154 will indicate the presence of buyers. This is a potential trigger point for an acceleration to the upside with the next target the main top at .7247.

Bearish Scenario

A sustained move under .7153 will signal the presence of sellers. The daily chart is wide open to the downside with the next target zone coming in at .7079 to .7063.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.