ICmarkets

AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar / U.S. Dollar
121 2 2
Weekly Timeframe: A break below the weekly consolidation area (0.94600/0.92046) is taking place at the time of writing, could this be just a fakeout to stop out the sellers, or is it really a continuation move in the making?

Daily Timeframe: The daily timeframe clearly indicates the sellers mean business! The daily resistance flip level at 0.91323 has seen a positive daily close below, likely indicating the break below the weekly consolidation area (levels above) is a genuine continuation move, and we should probably be looking for selling opportunities. The next area of ‘trouble demand’ (if this selling continues) is around daily demand at 0.89226-0.89921.

4hr Timeframe: The Aussie has been trading in a bearish manner since the start of the trading week taking out a number of notable support levels in the process. The rebound off of the 4hr resistance flip level at 0.91237 extended up to a 4hr decision-point area at 0.92168-0.91871, which is where our price action confirmation sell level at 0.91853 was triggered, and sellers came back into the market.

In our opinion, if price returns to the aforementioned 4hr decision-point area, a reaction may very well be seen for two reasons:

1. This 4hr decision-point area is where pro money likely made the decision to break below a very obvious daily resistance flip level at 0.91323.
2. This area has already been confirmed (as per our price action confirmation sell level set at 0.91853), the requirement to confirm this area was to consume some, or most of the buyers around the low 0.91117 (a pending sell order has now been set in its place).

However, if this selling momentum persists today, and maybe even into next week, the round number 0.9 could soon be seeing some action, since below the round number 0.91 (where price is currently trading at) we see only consumed demand, take note of the obvious-looking tail at 0.90458, this tail likely consumed most of the buyers around this overall area, indicating that if weakness is seen around the round number 0.91, the path is free down to the round number 0.9.

Pending orders/Price action confirmation levels:

• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: Pending orders: 0.91853 (Stop loss: 0.92213, Take profit level(s) Dependent on how price approaches). Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.

snapshot

Hello IC, thanks for sharing.
I prepared number 1.9175~76
I'll hofe your order filled in 1~2days
Reply
ICmarkets PRO HappyKing
Hi HK,

Nice charting!

Good luck with your orders!

IC
Reply
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