AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar / U.S. Dollar
120 0
Weekly Timeframe: The weekly timeframe currently shows that the buyers and sellers are still battling it out between an ignored weekly Quasimodo support level seen at 0.88189, and a weekly Quasimodo support level below coming in at 0.85769. A close above would likely clear the way for prices to challenge a weekly support flip level seen at 0.89972, and likewise a close below will likely attract further selling down to a major weekly demand area seen at 0.80646-0.84601.

Daily Timeframe: The sellers were on fire yesterday, which consequently obliterated a daily support level seen at 0.86855. The path south appears relatively clear now for prices to challenge 0.85504, a major daily resistance flip level. Let’s see what the 4hr timeframe has to say about this.

4hr Timeframe: The recent selling momentum seen on the Aussie has taken out multiple technical support barriers along the way. At the time of writing, price is currently trading around 0.86, and seems to be holding for the time being. Would we enter long here? We are pretty sure we would not even with lower timeframe confirmation, since we currently have no direction on the weekly timeframe , and the daily timeframe is indicating that there’s room to the downside (see above).

With the above in mind, we do have our eye on 0.85522, a 4hr Quasimodo support level . This level lines up perfectly with the major resistance flip level seen on the daily timeframe (level above), and is also close to the aforementioned weekly Quasimodo support level . A pending buy order has been set just above this level at 0.85566, with a stop just below at 0.85346.

On a side note, before/if price reaches this far south, watch for a potential retest opportunity beforehand once price closes below 0.86, this could make for a lovely short trade, targeting our entry long at 0.85566 (as shown with the arrows on the chart).

Buy/sell levels:

• Buy orders: 0.85566 (Predicative stop-loss orders seen at: 0.85346).

• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

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