AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar / U.S. Dollar
36 0
Weekly Timeframe: The recent momentum seen over the past two weeks has brought price down to a weekly Quasimodo support level at 0.88189, which should produce a bounce at the very least, since weekly demand is sitting directly below at 0.86591-0.88247.

Daily Timeframe: The daily timeframe however is telling a different story. Monday’s trading sessions saw a bearish close below the 0.88874 level, which has potentially cleared the path south down to a daily Quasimodo support level seen at 0.87556 (located relatively deep within weekly demand at 0.86591-0.88247). With that being said, we cannot be sure this is a continuation break until price successfully retests the 0.88874 level (as resistance), since it could very well just be a deep fakeout to accumulate liquidity for a push higher. Only time will tell.

4hr Timeframe: Yesterday’s trading sessions saw price aggressively close below the 0.89 level. This move potentially cleared the way down to a very obvious 4hr support flip level at 0.88223 (where we will be watching for price action confirmation to buy). That being said though, we cannot ignore the fact that price may retrace here and retest the 0.89 level as resistance before continuing south.

The reason we did not consider setting a pending buy order above the 4hr support flip level (0.88223) was simply because the daily timeframe is suggesting prices could move lower past the weekly Quasimodo support level (0.88189) deeper into weekly demand (0.86591-0.88247), so being patient is probably the way we have to go.

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: 0.88262 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Pine Wizards Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out