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Daily Financial Market News

Tue, 23 Jan 2018 19:30:00 GMT

AUD/USD Rally Approaching Initial Resistance Targets

AUD/USD Rally Approaching Initial Resistance Targets Search DailyFX Home Rates Charts News Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Traders Urged to Respond to Proposed European Rule Changes Euro May Shrug Off Soft PMI Data, Looking Ahead to ECB Meeting AUD/USD Rally Approaching Initial Resistance Targets Technical Analysis Analysis Technical Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Technical Analysis Headlines FTSE Technical Outlook – Consolidation Period Would Do Some Good Japanese Yen Technical Analysis: USD/JPY Wilts, 107 Could Beckon As Dollar Weakness Presists, Yen May Rally Calendars Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Forex Economic Calendar Time Event Actual Forecast Rates Charts Education Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS × Get the best parts of DailyFX.com in the new DailyFX App Download × Join Us For Our Free Webinars Get daily market analysis from our in-house experts Choose from more than 25 webinars each week Put your questions to our experts in real-time Q&As Register now Want to hold off on improving your trading? Click here to dismiss. × Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: The basics of forex trading and how to develop your startegy Foundational knowledge to help you develop an edge in the market What's ahead for major FX pairs, Gold, Oil and more Download a Free Guide Want to hold off on improving your trading? Click here to dismiss. EUR/USD Low High View More Note: Low and High figures are for the trading day. News Euro May Shrug Off Soft PMI Data, Looking Ahead to ECB Meeting USD & JPY Get Haven Bids as Trump Protectionism Returns EUR/USD Boosted as German Economic Sentiment Soars GBP/USD Low High View More Note: Low and High figures are for the trading day. News Investor Sentiment Remains Buoyant as US Government Shutdown Ends USD & JPY Get Haven Bids as Trump Protectionism Returns A Weekly Technical Perspective on GBP/USD, USD/CAD, USD/CHF USD/JPY Low High View More Note: Low and High figures are for the trading day. 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News Bitcoin, Ethereum, Ripple; Technical Support Still Needed Bitcoin Shifts to a Mixed Trading Bias Bitcoin, Ethereum, Ripple Prices Crumble, Market Capitalization Slashed View More More Real-Time News Facebook Twitter Youtube Google + AUD/USD Rally Approaching Initial Resistance Targets by  Michael Boutros, Currency Strategist  Short term trading and intraday technical levels Connect via: AUD/ USD trading within well-defined channel, prices now testing daily resistance targets Check out our 2018 AUD/USD quarterly projections in our Free DailyFX Trading Forecasts Join Michael for Live Weekly Strategy Webinar s on Mondays at 12:30GMT AUD/USD Daily Chart Technical Outlook: The Australian Dollar has rallied nearly 3% since the start of the year with the prices now approaching near-term resistance targets at the 9/11 reversal-day close at 8026 and the 2017 high-day close at 8054 . We highlighted this region early this month in my Weekly Technical Perspective and IF the market closes at these levels, prices will have posted an outside-day reversal off resistance – suggests bearish . Broad based USD losses are a concern, but from a technical standpoint the Aussie advance remains at vulnerable near-term while below these levels. Daily support rests at 7886/98 . New to Forex Trading ? Get started with this Free Beginners Guide AUD/USD 240min Chart Notes: A closer look at near-term price action highlights a well-defined ascending channel formation extending off the December lows with Aussie trading just above channel support / weekly opening-range lows at 7956 . A break / close below this threshold shifts the focus towards more significant support at 7886/98 - an area of interest for near-term exhaustion / long-entries. A breach above the high-day close at 8054 targets channel resistance around ~ 8100 backed by the 2017 high at 8125 and the 100% extension at 8153 . Bottom line: the immediate advance is vulnerable but ultimately a pullback should offer more favorable long-entries. From a trading standpoint, I’m looking side-ways to lower in price while below 8054 with a break higher ultimately targeting subsequent resistance objectives. For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis mini-series AUD/USD IG Client Sentiment A summary of IG Client Sentiment shows traders are net-short AUDUSD- the ratio stands at -1.83 (35.4% of traders are long) – bullish reading Retail has remained net-short since Dec 19 th ; price h as moved 4.8% higher since then Long positions are 5.9% higher than yesterday and 6.2% higher from last week Short positions are 5.5% lower than yesterday and 7.5% higher from last week We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUDUSD prices may continue to rise. However, retail is less net-short than yesterday but more net-short from last week. The combination of current positioning and recent changes gives us a further mixed AUDUSD trading bias from a sentiment standpoint. See how shifts in AUD/USD retail positioning are impacting trend- Click here to learn more about sentiment! --- Relevant AUD/USD Data Releases Why does the average trader lose? Avoid these Mistakes in your trading Other Setups in Play Weekly Technical Outlook- USD Warning Signs of Stretched Price Action USD/CHF to See a Reprieve as Price Rebounds Off Support USD/JPY Responds to Confluent Support- Rebound to Offer Opportunity Bitcoin Bloodbath: Prices Nearing Support, Is Relief in Sight? - Written by Michael Boutros, Currency Strategist with DailyFX To receive Michael’s analysis directly via email, please SIGN UP HERE Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. 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