ICmarkets

AUD/USD Technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
25 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: Price is still frustratingly trading within a weekly consolidation area with the upper limits seen at 0.94600, and the lower at 0.92046, with no signs of a break happening just yet.

• Daily TF: Price still remains caught trading between the daily demand area 0.92046-0.92354, and a daily decision-point level at 0.93529. A break above could see prices test daily supply at 0.94729-0.94175, conversely, a break below will likely see a push south towards a daily R/S flip level at 0.91323. Let’s also not forget, if a break below is indeed seen, this would effectively mean that price has broken below the weekly consolidation area (levels above) as well.

A break above the high 0.93333 was indeed seen, and price as expected traded above to the 4hr supply area marked with a green flag at around 0.93529, and this is where active sellers came into the market.

Price has been pushed to the down past the round number 0.93, which is fantastic in our opinion since the stops below this round number are likely going to be used as liquidity for pro money to buy into (stops from the traders attempting to fade will become sell orders once triggered), as price is likely free to fill our pending buy order set just above the 4hr R/S flip level (0.92815) at 0.92857. If this does happen, we will then have two active buy orders in the market, one from way down at 0.92417, and this one, which now all have the same target, the 4hr supply area above at 0.93728.

Pending/P.A confirmation levels:

• The pending buy order (Green line) set just above the 4hr decision-point level (0.92384) at 0.92417 is now active. Our second take-profit target has recently been hit at 0.93, so do keep an eye out for our third and final take-profit target set at 0.93728.
• Pending buy orders (Green line) are seen just above a minor 4hr R/S flip level (0.92815) at 0.92857. The reasoning behind setting a pending buy order here is simply because the buyers pushed off nicely from this level, and consumed what appears to be most of the sellers around the high marked with a circle at 0.93185 possibly clearing the path north, so if price does indeed return to this area, a first-time reaction is very much expected.
• No P.A confirmation buy levels (Red line) are seen in the current environment.

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

• Areas to watch for buy orders: P.O: 0.92417 (Active) (SL: 0.92228 TP: 0.92815 0.93 0.93728) 0.92857 (SL: 0.92700 TP: Dependent on how price approaches the area). P.A.C: No P.A confirmation buy levels 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 levels seen in the current market environment.
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