ICmarkets

Opting for the sidelines seems to be the conservative route...

FX:AUDUSD   Australian Dollar / U.S. Dollar
90 0 3
During the course of yesterday’s sessions, the commodity currency firmly established itself around the 0.77 figure and subsequently rose to a high of 0.7778 by the day’s close. Riskier assets are clearly the favored approach among investors for the time being, supporting a Clinton win who, at the time of writing, currently leads by 7 points in the polls.

From a technical standpoint, the weekly chart shows that the runway is clear for price to challenge resistance given at 0.7846. Meanwhile, on the daily chart , supply at 0.7765-0.7714 was slightly breached amid yesterday’s session, which could have opened the hatch for a move up to a nearby supply coming in at 0.7835-0.7793. Stepping across to the H4 chart, as we already mentioned above, price topped at 0.7778 yesterday and has remained bearish since. The next support level to have an eyeball on falls in at 0.7727, followed closely by the 0.77 handle. To the upside, we’ve noted the 0.78 handle as the next objective to reach should a continuation move be seen today.

The 0.78 mark sits within the lower edge of the daily supply mentioned above at 0.7835-0.7793, which is bolstered by the weekly resistance also mentioned above at 0.7846. Therefore, from a higher-timeframe perspective, a minor fakeout beyond the above said daily supply may be on the cards should the unit reach this high.

Our suggestions: Looking at this market purely from a technical angle, the H4 support 0.7727 has a fairly good chance of holding the market higher today, as does the 0.77 mark, due to the higher-timeframe picture (see above). However, considering that the US Elections are currently in motion, literally anything could spark a brutal move in either direction. With that being said, our team has concluded that opting for the sidelines is the more conservative approach. Should you still wish to trade the above said levels, we would strongly suggest only doing so if one is able to spot a reasonably sized H4 bullish close following a test of the level.

Levels to watch/live orders:

• Buys: 0.7727 mark (reasonably sized H4 bullish close required prior to entry, stop loss: dependent on where one confirms this area). 0.77 region (reasonably sized H4 bullish close required prior to entry, stop loss: dependent on where one confirms this area).
• Sells: Flat (stop loss: N/A).
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