ICmarkets

AUD/USD: Weekly technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
53 0 1
Weekly TF.

Price is still seen in a consolidation with the upper limits at 0.94600 and the lower around the 0.92046 area. Last week saw more selling with prices nearly touching the lower limits, could we see a close below this week? Things would get interesting then, as this could likely force a push down to around the 0.89134 weekly support level.

Daily TF.

A beautiful to-the-pip reaction happened around daily demand at 0.92046-0.92354. This is a very important area, one which if a positive daily close below is seen would effectively mean price has broken out of the weekly consolidation area as well (for levels, see above), meaning a push to the downside is very much expected. On this timeframe, upon a close below, the best, and in our opinion most logical daily demand area below is at 0.89226-0.89921. However, if the buyers are intent on higher prices from here, the first point of trouble is seen around a daily decision-point level above at 0.93529.

4hr TF.

A beautiful fakeout below the 4hr decision-point area at 0.92566-0.92736 into a 4hr decision-point level below at 0.92384 where a nice reaction has been seen, and rightly so, considering the level was located just above a daily demand area at 0.92046-0.92354.

Where could price be headed early this week? Well, a push above the high 0.92815 occurred late last Friday marked with an arrow. We can probably assume some, or most of the sellers around this level were indeed consumed, meaning the path north could be clear up to at least the round number 0.93. However before this happens, pro money may sell price back down to the 4hr decision-point level at 0.92384, this will do two things, 1. Stop out any traders who were originally long, and have no doubt set their stops at breakeven now, and 2. Give pro money more liquidity for a further push up. So any sellers already short may want to consider exiting around the aforementioned 4hr decision-point level below, likewise any traders long should have taken some partial profits around the 0.92815 level, so the best bet now is to hold tight and watch how price action unfolds.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above the 4hr decision-point level (0.92384) at 0.92417 is now active. Our first take-profit level has already been hit at 0.92815, so do keep an eye on our second take-profit level set at the round number 0.93.
• No P.A confirmation buy orders (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 orders (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). P.A.C: No P.A confirmation buy orders 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 orders seen in the current market environment.
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