AUD/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Demand at 0.6358/0.6839 remains in the fight, with price attempting to bottom within its lower boundary. An eventual break of the said demand zone has another layer of demand close by at 0.6094/0.5866, while a recovery could eventually lead to trendline support-turned resistance (0.4776) making an appearance, followed by supply at 0.8303/0.8082.
The primary trend in this market continues to face a southerly trajectory.
Daily timeframe:
Partially altered outlook from previous analysis –
Supply at 1.6585/1.6625 succumbed to higher prices over the course of last week, with some traders betting on an increase to 0.6680ish (red oval). Proven supply also resides at 0.6778/0.6731, aligning with trendline resistance (0.7393).
The RSI recently exited oversold territory, hovering south of 50.00.
H4 timeframe:
Supply at 0.6655/0.6629 continues to offer a ceiling on the H4 timeframe, but emphasises a fragile tone after price displayed resilience off trendline resistance-turned support (0.7031) and tagged the upper limit of the said supply.
Supply at 0.6695/0.6677 stands as the next upside target, in the event of higher prices this week.
H1 timeframe:
Early Europe Friday observed the Australian dollar enter into a relatively spirited advance against the greenback, in which 0.6650 and an aligning 161.8% Fibonacci ext. at 0.6648 made an appearance and capped upside.
Despite the shooting star candlestick formation (blue arrow), sellers appear frail, unable to sustain downside through local trendline resistance-turned support (0.6644). This, alongside buy-stop liquidity potentially filled amid the formation of the aforementioned shooting star configuration and Friday’s H1 candle closing in strong fashion, suggests buyers have the upper hand here and 0.6650’s days may be numbered.
Supply at 0.6695/0.6686 is viewed as the next upside hurdle in this market.
Structures of Interest:
Longer term:
Despite a pronounced drive into the confines of monthly demand at 0.6358/0.6839, a recovery is not out of the question, from a technical standpoint. This is particularly true on the daily timeframe, with the pair tipped for higher prices at least until connecting with 0.6680ish or supply at 0.6778/0.6731.
Shorter term:
In line with higher-timeframe structure, H4 supply at 0.6655/0.6629 lacks enthusiasm, as do the H1 candles at the underside of 0.6650.
On account of the above, all four timeframes analysed express desire to explore higher levels this week, with initial resistance seen at H4 supply from 0.6695/0.6677.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Demand at 0.6358/0.6839 remains in the fight, with price attempting to bottom within its lower boundary. An eventual break of the said demand zone has another layer of demand close by at 0.6094/0.5866, while a recovery could eventually lead to trendline support-turned resistance (0.4776) making an appearance, followed by supply at 0.8303/0.8082.
The primary trend in this market continues to face a southerly trajectory.
Daily timeframe:
Partially altered outlook from previous analysis –
Supply at 1.6585/1.6625 succumbed to higher prices over the course of last week, with some traders betting on an increase to 0.6680ish (red oval). Proven supply also resides at 0.6778/0.6731, aligning with trendline resistance (0.7393).
The RSI recently exited oversold territory, hovering south of 50.00.
H4 timeframe:
Supply at 0.6655/0.6629 continues to offer a ceiling on the H4 timeframe, but emphasises a fragile tone after price displayed resilience off trendline resistance-turned support (0.7031) and tagged the upper limit of the said supply.
Supply at 0.6695/0.6677 stands as the next upside target, in the event of higher prices this week.
H1 timeframe:
Early Europe Friday observed the Australian dollar enter into a relatively spirited advance against the greenback, in which 0.6650 and an aligning 161.8% Fibonacci ext. at 0.6648 made an appearance and capped upside.
Despite the shooting star candlestick formation (blue arrow), sellers appear frail, unable to sustain downside through local trendline resistance-turned support (0.6644). This, alongside buy-stop liquidity potentially filled amid the formation of the aforementioned shooting star configuration and Friday’s H1 candle closing in strong fashion, suggests buyers have the upper hand here and 0.6650’s days may be numbered.
Supply at 0.6695/0.6686 is viewed as the next upside hurdle in this market.
Structures of Interest:
Longer term:
Despite a pronounced drive into the confines of monthly demand at 0.6358/0.6839, a recovery is not out of the question, from a technical standpoint. This is particularly true on the daily timeframe, with the pair tipped for higher prices at least until connecting with 0.6680ish or supply at 0.6778/0.6731.
Shorter term:
In line with higher-timeframe structure, H4 supply at 0.6655/0.6629 lacks enthusiasm, as do the H1 candles at the underside of 0.6650.
On account of the above, all four timeframes analysed express desire to explore higher levels this week, with initial resistance seen at H4 supply from 0.6695/0.6677.