ICmarkets

AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar / U.S. Dollar
47 0 2
Weekly TF: A break below the weekly consolidation area (0.94600/0.92046) is taking place at the time of writing, could this be just a fakeout to stop sellers out, or is it really a continuation move in the making? Let’s go down to the lower timeframes to see what we can find.

Daily TF: There is a clear break of a daily demand area at 0.92046-0.92354, this may very well encourage follow-through selling down to at least the daily R/S flip (support) level at 0.91323.

4hr TF: Clearly, our P.A confirmation buy level set just above the 4hr fakeout area (0.92619-0.92780) at 0.92807 stood no chance against the recent selling onlsaught seen. With a break below the weekly consolidation area at 0.94600/0.92046, we will be attempting to take full advantage of any follow-through selling that may materialize, but also, at the same time remaining aware this could indeed be a fakeout (below the weekly consolidation area) and buying could very well be seen!

With that being said, we have set two near-term P.A confirmation sell levels, anticipating that buying may be seen off of the round number 0.92 where price is currently trading at the moment (confirmation is needed for the reasons stated above). Our first P.A confirmation sell level is set just below an ignored 4hr demand level (0.92384) at 0.92350, the second just below a beautiful-looking 4hr decision-point area (0.92875-0.92718) at 0.92684.

Pending orders/P.A confirmation levels:

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

• Areas to watch for sell orders: 0.93911 (SL: 0.94049 TP: Dependent on how price approaches) P.A.C: 0.92350 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed) 0.92684 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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