ICmarkets
Long

Beautiful confluence seen on the Aussie - pending set at 0.7150.

FX:AUDUSD   Australian Dollar/U.S. Dollar
205 0 5
During the course of yesterday’s sessions, we can see that the commodity currency whipsawed above H4 resistance at 0.7241 and sold-off. This clawed back Friday’s gains and went on to fill bids around the 0.72 handle. To keep this analysis short and sweet, we’re going to jump in and show what we have our eye on at the moment:

• The Aussie is now seen testing weekly demand coming in at 0.7108-0.7186.
• Daily action shows that the buyers and sellers continue to battle for position between support derived from a 61.8% daily Fibonacci support at 0.7210 and near-term daily supply at 0.7259-0.7226. In the event of a breakdown through 0.7210, further downside could be seen to daily demand at 0.7108-0.7140 (sits within the extremes of the above said weekly demand), meanwhile, a push above the current daily supply would likely place daily supply at 0.7402-0.7335 (converges nicely with daily resistance at 0.7380) back in the limelight.
• Over on the H4 chart is where things get a little more interesting. Right now, we see a H4 downward channel in play extended from 0.7402/0.7299, a three-drive H4 bullish approach (see black arrows) and a H4 Quasimodo support line at 0.7145. Take into account that this H4 Quasimodo also sits within the above said weekly demand and only five pips above daily demand. On top of this, the H4 line fuses beautifully with the H4 downward channel support (see green circle), as well as correlation confluence seen over on the H4 AUD/SGD chart around H4 support coming in at 0.9932.

Our suggestions: In light of the above points we have placed a pending buy order at 0.7150, with a stop below the apex of the H4 Quasimodo pattern at 0.7106. First take-profit is set around the 0.72 mark, followed by the aforementioned H4 channel resistance. Good luck.
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