ICmarkets
Long

We're looking for 0.7100 to cave in today...

FX:AUDUSD   Australian Dollar/U.S. Dollar
166 0 1
From the daily chart , yesterday’s session saw the bulls once again jab into the weekly support level drawn from 0.7035, pushing the commodity currency above both Monday and Tuesday’s candle bodies. This, at least to us, indicates that the Aussie is likely going to continue to advance during today’s trading.

H4 action on the other hand, shows that the buyers and sellers continue to exchange blows around psychological resistance 0.7100. Personally, our money is on the bulls winning this fight due to where price is positioned on the higher-timeframe picture (see above). On the assumption that our above analysis is correct and price convincingly closes above 0.7100 today, our team will look to try and enter long on any retest of this level seen thereafter (with lower timeframe confirmation), targeting H4 supply coming in at 0.7215-0.7191 first and foremost. As we mentioned in yesterday’s report, waiting for lower timeframe buying confirmation at 0.7100 is something we insist on here since it is very difficult to know how aggressively this number will be challenged on the retest.

Levels to watch/live orders:

• Buys: Watch for offers to be consumed around 0.7100 and look to trade any retest seen thereafter (lower timeframe confirmation required).
• Sells: Flat (Stop loss: N/A).
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