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Australian dollar forecast
- Excluding GBP / AUD, the Australian dollar has changed little compared to most of its peers.
- Critical areas of support and short-term resilience have been strengthened, prices down
- I am looking at AUD / USD, EUR / AUD and AUD / JPY as we wait for their next big moves
Do you have a question about what awaits the Australian dollar next week? Join a Trading Q & A Online seminar ask for it live!
AUD / USD Technical Perspective: Neutral
Last week, I noted how the Australian dollar carved up bullish pattern versus US counterpart. Since then, he has dissolved after a breakout. This was followed by a respectable bullish push on Friday which basically left AUD / USD almost not changed after 5 days.
Looking at the daily chart, the Australian dollar seems to be stuck in a decreasing support bracket. This is traced through the two red parallel descending lines below. If prices rise above these during the coming week, the pair will still encounter a horizontal resistance range between 0.72255 and 0.72466.
At the same time, the short-term support is a horizontal range between 0.71645 and 0.71452. It appears that the immediate areas of support and resistance reported last week have been reinforced. If there is a lower turn, the next barrier can stop a descent to 0.7081. A positive spurt would leave the peaks of December 2018 in sight. With this in mind, the technical perspectives seem neutral.
In this week's poll, the two most popular choices to cover in addition to the AUD / USD were the EUR / AUD and the AUD / JPY. You can participate in this vote every week by following me on twitter @ddubrovskyFX as well as seeing timely updates on the Australian dollar.
Daily chart AUD / USD
EUR / AUD Technical perspectives:Neutral
Like the AUD / USD, the EUR / AUD remains stuck between the main areas of support and resistance. After a short-term downtrend in the short-term trend line since the beginning of the year, EUR / AUD struggled to maintain its upward momentum this week.
A new upward trend line seems to be forming on the daily chart below. This is created by linking the December lows with the 18th of Januaryth a. Before reaching this line of support, the pair must clear an old resistance line dating back to June / July 2018 to 1.58806.
At the same time, the short-term resistance is in a horizontal range between 1.59855 and 1.60128. Climbing through this opens the trial door of 1.63544. A descent through the rising support line, however, exposes 1.57141. The EUR / AUD technical perspectives will seek neutral.
Daily chart EUR / AUD
Technical Outlook AUD / JPY: Neutral
Previously, I was describing a shooting star candlestick in AUD / JPY which signaled indecision. The couple descended after its creation, which increased the chances of a bearish turnaround. But the short-term resistance held steady at 77.49 and the pair climbed to finish the week, but it has changed little.
Even if the shooting star has been reversed, prices remain in a horizontal range of resistance between 78.69 and 79.05. This sector, which had served as an old supporter in September / October 2018, seems to be transformed into resistance.
Pbading through this barrier opens the door for testing 80.62 – 81.14. If prices fall however, a decline per support would expose 75.24. The AUD / JPY pair having trouble to choose a direction, the technical perspectives are announced neutral.
Daily chart AUD / JPY
** Graphs created in TradingView
— Written by Daniel Dubrovsky, Junior Forex Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
Looking for a fundamental perspective on the Australian dollar? Check Weekly Fundamental Forecast in AUD.
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