ICmarkets
Long

Our thoughts on the Aussie pair today

FX:AUDUSD   Australian Dollar/U.S. Dollar
156 0 2
Starting from the top this morning, it’s clear that the Aussie bulls remain on the offensive as price is now seen trading above weekly supply drawn from 0.7438-0.7315, and looks to be heading in the direction of weekly resistance at 0.7604. Meanwhile, down on the daily timeframe the commodity currency is flirting with the upper edge of daily supply coming in at 0.7517-0.7451. The bears look incredibly weak here in our opinion and we feel it’s only a matter of time before a close above this area is seen, which will open the doors for price to challenge the aforementioned weekly resistance level .

Looking over to the H4 chart, supply at 0.7514-0.7486 is also having some difficulty at the moment. Given that the next upside target beyond this area is the 0.76 handle, which converges perfectly with weekly resistance at 0.7604, longs are certainly a possibility above the current H4 supply.

Our suggestions: Watch for price to close above H4 supply at 0.7514-0.7486 and look to trade any retest seen thereafter (lower timeframe confirmation required), targeting 0.76. To confirm bullish interest, we usually look for either an engulf of a supply followed by a retest, a trendline break/retest or simply a collection of well-defined buying tails around the higher timeframe area.
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