ICmarkets
Short

Friendly reminder guys: watch for a H4 close below 0.77!

FX:AUDUSD   Australian Dollar / U.S. Dollar
405 0 3
Once again working our way from the top, weekly price is currently seen respecting the weekly trendline resistance extended from the high 0.8895. As mentioned in the previous analysis, should offers hold ground here, a push back down to test the weekly support boundary at 0.7604 may be on the cards.

Climbing down into the daily chart , back-to-back daily selling wicks have recently took shape, both piercing through the top edge of a daily supply zone drawn from 0.7719-0.7665. By the same token, the next downside target on this scale comes in at the above said weekly support level , which fuses beautifully with a daily channel support line taken from the low 0.7148.

Over on the H4 chart, the buyers have been struggling to hold the 0.77 handle, despite an earnest attempt going into the early hours of yesterday’s sessions. Should the current H4 candle close beyond the 0.77 boundary, we may, as we highlighted in yesterday’s report, have a possible sell trade on our hands.

Our suggestions: Watch for price to close below 0.77 today. A retest to the underside of this number followed by a lower timeframe sell signal, we could see the Aussie drop lower from here to at least test the H4 mid-way support at 0.7650, which makes for a beautiful first take-profit target.
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