ICmarkets

AUD/USD Technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
86 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• The weekly timeframe is still depicting consolidating price action with the upper limits being seen at 0.94600 and the lower at 0.92046.

• Buyers and sellers have been trading within a small range on the daily timeframe (daily supply being seen above at 0.95425-0.94852 and a low below at 0.93208). Once we see a break of either of these areas, we will likely have more idea on possible near-term direction.

The market opened at 0.93866, following this, buyers and sellers formed a tight range clearly depicting indecision among the traders. A small decline has been recently seen only to be quickly rejected by the buyers.
As reported in the last analysis, price pushed above the round number 0.94000 (marked with a circle) possibly clearing out the majority of the sellers that were lurking there. So with that taken on board, the path north up to the 4hr decision-point level at 0.94408 appears to be clear.

Before price continues higher, traders should be prepared for a possible retracement back down to the 4hr demand at 0.93208-0.93417 or just above at the 0.93500-0.93348 area, as pro money will likely not have the required liquidity (in this case sell orders to buy into) to move price up this far.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above demand (0.93208-0.93417) at 0.93512. The reason a pending buy order is valid here is because we have seen the buyers possibly consume most of the sellers around the round number 0.94000, thus clearing the way north. A retracement is likely to be seen beforehand though to around the 0.93500-0.93348 area.
• P.A confirmation buy orders (Red line) are seen just above the decision point level (0.92566-0.92736) at 0.92775. The reason for placing a P.A confirmation buy order here rather than pending buy order is simply because we were trading just above a daily demand ‘buy zone’ at 0.92046-0.92354, meaning pro money could very well just ignore this level completely and trade deeper into the aforementioned daily demand area, so, confirmation is the order of the day!

• Pending sell orders (Green line) are seen just below supply (0.95425-0.95096) at 0.95052. A pending sell order is placed here due to this being an area where pro money was interested in before; see how close price came to the supply area? (Levels above), this indicates possible strong supply (selling pressure), so the next time price visits we can expect some sort of reaction.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.93512 (SL: 0.93175 TP: Dependent on price approach). P.A.C: 0.92775 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: 0.95052 (SL: 0.95467 TP: Depending on price approach) P.A.C: No P.A confirmation sell orders seen in the current market environment.
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