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AUDUSD - Rallies to Five Week High Above 0.72 Despite RBA Warnings

 

 
In the last couple of weeks the AUDUSD has done very well to rally from its lowest level in many years below 0.67 up to a five week high in the last few days back above 0.72. It has eased a little in the last couple of days however it has done well to move back above the key level of 0.7150, and this level may provide some additional support like it has previously. The AUDUSD didn’t finish 2018 very well falling strongly throughout December to hit a three year low just below 0.7050 before dropping sharply down to below 0.67 and regaining lost ground just as quickly as it fell. 
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Market Recap: 2 - 4 January

 

 
On Wednesday last week we covered the AUDUSD which since writing, had a ridiculously volatile finish to the week moving violently within a two hour window. The move saw it fall to its lowest level in many years below 0.67. As quickly as it fell, it was bought up strongly moving it back slowly towards to the key 0.7050 level. This level propped up the currency pair well throughout October. The AUDUSD finished the week back above this level at a two week high. The next key level of 0.7150 is back within the picture as this may provide some resistance should the AUDUSD continue to rally higher.
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AUDUSD - Attempting to Grasp to Key 0.7050 Level after RBA Warns on Growth

 

 
The AUDUSD didn’t finish 2018 very well falling strongly throughout December to hit a three year low around 0.7017 a few days ago. In the last week or so it has attempted to remain within touch of the key 0.7050 level, which propped up the currency pair well throughout October. A few weeks ago the AUDUSD enjoyed some much needed support from the 0.7150, after this level played a role in the last couple of months with the currency pair bouncing off this level several times, however this level gave way to immense selling pressure which saw the AUDUSD fall from near 0.74 to its current trading levels.
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AUDUSD - Looking for Support from 0.7150 as RBA Warns on Growth

 

 
The AUDUSD has not enjoyed its last few weeks moving strongly lower from four month highs near 0.74 down to a seven week low below 0.7150 in the last 24 hours. It is of little surprise that the AUDUSD has enjoyed some much needed support from the 0.7150 level in the last few days, as this has played a role in the last couple of months with the currency pair bouncing off this level several times. It will be interesting to see if the AUDUSD can regain lost ground and move back above this level. Throughout November the 0.73 level provided a lot of resistance to the AUDUSD so it was quite significant how strongly the AUDUSD moved through this level a few weeks ago down to its current levels. Leading up to the four month high, the AUDUSD had made some solid ground over a few weeks reversing from support at 0.7050 and moving higher.
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Market Recap: 3 - 7 December

 

 
On Tuesday last week we covered the AUDUSD and the key level at the time was the 0.73 level. However the AUDUSD spent all of last week falling sharply moving right through the 0.73 level and it now has eyes on another key level at 0.7150. Just prior to its recent push higher the AUDUSD had been quite content to take a breather and enjoy solid support from 0.7050 as it has traded along that level for several weeks throughout October. 
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AUDUSD - Jumps to Four Month High Near 0.74 on Trade Ceasefire

 

 
The AUDUSD has received a surprise boost to start the week pushing it up to its highest levels in four months just shy of 0.74. It has eased a little since then however it does have the key 0.73 level just below which will quite likely provide the AUDUSD some support should it continue to decline further. To finish last week the AUDUSD spent a couple of days resting on top of the 0.73 level and having felt so much resistance from there previously, it remains a significant level. The AUDUSD has made some solid ground over the last few weeks reversing from support at 0.7050 and moving up to the four month high to start this week. It appears the 0.73 level is starting to play a role as several times now over the last few months there has been selling pressure from around this level repelling prices lower.
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Market Recap: 19 - 23 November

 

 
On Monday last week covered the 30 index and the key level at the time at the time was the 25,000 level. Earlier in October the index found solid support from this level although it did break down through that level to its lowest level in four months. It was able to recover strongly and enjoy a strong resurgence moving from the multi-month lows back up to the key 26,200 level. It formed a classic doji candlestick at this level before reversing. Many would have expected the index to enjoy more support from the 25,000 level however throughout last week it broke through strongly and continued to decline to near the four month lows again. The next obvious key level will be 24,000 as the index enjoyed some strong support in the first half of this year.
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AUDUSD - Showing Positive Signs Above 0.7150 as IMF Reports

 

 
Even though it has eased a little this week the AUDUSD has made some solid ground over the last few weeks reversing from support at 0.7050 and moving up to a three month high above 0.73 recently. It has eased a little but rallied well a couple of days ago to make the push back up towards the 0.73 level. It appears the 0.73 level is starting to play a role as several times now over the last few months there has been selling pressure from around this level repelling prices lower. Just prior to its recent push higher the AUDUSD had been quite content to take a breather and enjoy solid support from 0.7050 as it has traded along that level for several weeks, although it did drop a little lower reaching a 2½ year low several weeks ago.
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AUDUSD - Retreats from Six Week High as RBA Grows More Confident

 

 
The AUDUSD has enjoyed a healthy surge higher in the last week or so before declining a little finish out last week from a new six week high above 0.73. Just prior to its surge higher the AUDUSD had been quite content to take a breather and enjoy solid support from 0.7050 as it has traded along that level for several weeks, although it did drop a little lower reaching a 2½ year low a few weeks ago. After meeting resistance there for several days, the AUDUSD had slowly but surely eased lower from the key 0.7150 level before resting on the support at 0.7050. The 0.7150 level has played a role in the last couple of months as it has bounced off this level several times, and may be called upon again should the AUDUSD continue to decline.
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AUDUSD - Relying on Support at 0.7050 after Inflation Softens

 

 
In the last week the AUDUSD has taken a breather and found solid support from 0.7050 as it has traded along that level, although it did drop a little lower reaching a 2½ year low a few days ago. After meeting resistance there for several days, the AUDUSD had slowly but surely eased lower from the key 0.7150 level before resting on the support at 0.7050. It was only several weeks ago that the AUDUSD reached a four-week high above 0.73 before the recent declines. The 0.7150 level has played a role in the last couple of months as it has bounced off this level several times, however it has now reversed roles. Up until this recent drop the AUDUSD had been quite content to trade around 0.74 and it previously made a few attempts to break through the resistance at 0.75 however all of these were thwarted.
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