ICmarkets

AUD/USD Technical outlook and review

FX:AUDUSD   Australian Dollar/U.S. Dollar
155 0 2
4hr TF.

What a beautiful site that is! Look at the way price reacted to our 4hr decision point level at 0.94408. Clearly pro money pushed price hard north, but not without stopping out a ton of buyers in the process, look at the tail marked with an arrow. These are the situations where one enters into a trade, price stops you out, and then shoots off to your designated target(s), and I am sure we all know how frustrating that is!
Once price hit the aforementioned decision point level, the sellers took control with buyers beginning to show interest around the 0.93671 area. A small retracement may well be seen from here, but overall we believe price still has a little way to drop first to at least the 4hr demand area at 0.93208-0.93417, so anyone who is short, don’t go bailing just yet!

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy orders (Red line) are seen just above the decision point level (0.92566-0.92736) at 0.92775. The reason for placing a P.A confirmation buy order here rather than pending buy order is simply because we were trading just above a daily demand ‘buy zone’ at 0.92046-0.92354, meaning pro money could very well just ignore this level completely and trade deeper into the aforementioned daily demand area, so, confirmation is the order of the day!

• Pending sell orders (Green line) are seen just below supply (0.95425-0.95096) at 0.95052. A pending sell order is placed here due to this being an area where pro money was interested in before; see how close price came to the supply area? (Levels above), this indicates possible strong supply (selling pressure), so the next time price visits we can expect some sort of reaction.
• The pending sell order (Green line) set just below the decision point level (0.94408) at 0.94382 is now active. Our first take-profit target has been hit at 0.93678, so do keep an eye on our second target seen within 4hr demand below (0.93208-0.93417) at 0.93360.
• The P.A confirmation sell order (Red line) set just below the round number 094000 at 0.93959 has been cancelled, price rallied too far away from the entry level to remain valid.

• Areas to watch for buy orders: P.O: No pending buy orders seen in the current market environment. P.A.C: 0.92775 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: 0.95052 (SL: 0.95467 TP: Depending on price approach) 0.94382 (Active-1st target hit) (SL: 0.94677 TP: 0.93678 0.93360 0.93000. P.A.C: No P.A confirmation sell orders seen in the current market environment.
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