ICmarkets

AUD/USD: Lower prices to be seen??

FX:AUDUSD   Australian Dollar/U.S. Dollar
105 0 0
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Price is still seen in a consolidation with the upper limits at 0.94600 and the lower around the 0.92046 area. Last week saw sellers becoming quite aggressive if we compare to the last three weekly candles. Could we see a drop down the lower limits of this consolidation area this week?
• Daily timeframe: A positive daily close below the 0.93208 level happened last week, with price later seen retesting it as resistance. Selling pressure is currently being seen from around this level, if a bigger move south is seen, we may see a push to the downside towards daily demand at 0.92046-0.92354.

The buyers have pushed prices very deep into the 4hr D/S flip area at 0.93208-0.93417, which has likely consumed most of the sellers in the process. Take a look at the approach price action took, notice the spikes dropping south while price was rallying higher, this could very well be pro money consuming demand for a move to the downside which appears to be starting now!

It is very possible, since some or most of the sellers have been consumed in the aforementioned 4hr D/S flip area that the breakout south of the daily range low (0.93208) could have well been a fakeout, and pro money may have used the 4hr decision point area at 0.92566-0.92736 to help facilitate this, hence we have now placed a pending buy order here at 0.92855 with a small stop below.

Pending/P.A confirmation orders:

• New pending buy orders (Green line) are seen just above the decision point area (0.92566-0.92736) at 0.92855. The reason we have set an order such as this here, is simply because we believe majority of the sellers have now been consumed around the 4hr D/S flip area at 0.93208-0.93417, so a pending buy order (level above) has been set awaiting a possible return.
• The P.A confirmation buy order (Red line) set just above the decision point area (0.92566-0.92736) at 0.92775 has now been removed. Buyers have now (in our opinion) consumed the majority of the sellers in and around the 4hr D/S flip area at 0.93208-0.93417, so a pending buy order can now be set.

• No pending sell orders (Green line) are seen in the current environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.92855 (SL: 0.92691 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: No P.A confirmation sell orders seen in the current market environment.

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