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Australian Dollar Technical Forecast: AUD/USD, AUD/CAD, AUD/NZD, AUD/CHF

Australian Dollar, AUD/USD, AUD/CAD, AUD/NZD, AUD/CHF – Technical Analysis

  • Australian Dollar facing mixed technical signals vs major peers
  • AUD/USD may rise on triangle breakout, AUD/CAD to follow?
  • AUD/NZD outlook bearish, AUD/CAD to remain range-bound?
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AUD/USD Technical Outlook

The Australian Dollar may be readying to extend gains against the US Dollar after AUD/USD confirmed a breakout above a Descending Triangle chart pattern. The latter is typically a bearish formation but it can at times signal a resumption of the previous trend. In this case, it would be an extension of gains from March through the middle of August.

The Aussie has also confirmed a push above the 50-day Simple Moving Average. Prices are facing August highs. Taking out the latter exposes peaks from June 2018. Otherwise, descending through the 0.7006 – 0.7043 support zone could shift the technical landscape to bearish.

Change in Longs Shorts OI
Daily-6%4%0%
Weekly-32%26%-2%

AUD/USD – Daily Chart

Australian Dollar Technical Forecast: AUD/USD, AUD/CAD, AUD/NZD, AUD/CHF

Chart Created in TradingView

AUD/CAD Technical Outlook

The Australian Dollar is struggling to rally against the Canadian Dollar after AUD/CAD pushed above the 0.9396 – 0.9445 inflection zone. Resistance seems to have been established at 0.9516, with the 50-day SMA also holding. In fact, in September a bearish ‘Death Cross’ formed after the 20-day SMA crossed under the latter.

As such, it remains in play. Confirming a push above 0.9516 may overturn this signal, placing the focus on peaks from July, August and September. Climbing above the latter exposes the June 2018 high at 0.9934. Downtrend resumption entails a drop through 0.9251 towards the 0.9061 – 0.9019 inflection zone.

AUD/CAD- Daily Chart

Australian Dollar Technical Forecast: AUD/USD, AUD/CAD, AUD/NZD, AUD/CHF

Chart Created in TradingView

AUD/NZD Technical Outlook

The Australian Dollar remains under selling pressure against the New Zealand Dollar. AUD/NZD recently turned lower after the 1.0759 – 1.0718 inflection zone held. The bearish ‘Death Cross’ also remains in play. Resuming the downtrend from August entails falling through the 1.0556 – 1.0598 support zone towards the midpoint of the Fibonacci retracement at 1.0520.

That will subsequently expose the 61.8% level at 1.0397. In the event support holds ahead, keep a close eye on ‘potential resistance’ on the daily chart below. This is a trendline that could be established given a third confirmation point.

AUD/NZD – Daily Chart

Australian Dollar Technical Forecast: AUD/USD, AUD/CAD, AUD/NZD, AUD/CHF

Chart Created in TradingView

AUD/CHF Technical Outlook

The Australian Dollar remains in a consolidative setting against the Swiss Franc. AUD/CHF has been ranging between support (0.6425 – 0.6372) and resistance (0.6743 – 0.6687) since June. Recent price action suggests that a test of the latter could be in store next.

That is because following a Bullish Engulfing, the pair subsequently closed above a short-term falling trendline from August. Climbing above resistance exposes highs from late 2019. That makes for a zone of resistance between 0.6845 and 0.6743. Otherwise, a turn lower and further drop through support exposes the 38.2% Fibonacci retracement at 0.6209.

AUD/CHF- Daily Chart

Australian Dollar Technical Forecast: AUD/USD, AUD/CAD, AUD/NZD, AUD/CHF

Chart Created in TradingView

— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter