ICmarkets

AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
25 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: The weekly timeframe is still depicting consolidating price action with the upper limits being seen at 0.94600 and the lower at 0.92046. Price is seen trading predominantly around the aforementioned upper limits at the moment.

• Daily timeframe: Buyers and sellers have been trading within a medium-term range on the daily timeframe with daily supply being seen above at 0.95425-0.94852 and a low below at 0.93208.

There was clearly still a lot of selling pressure around the 0.94153 area as price plummeted through the 4hr demand area at 0.93795-0.93945.

A positive break below the 0.93649 level could see prices testing a nice-looking 4hr decision-point area at 0.93348-0.93500. This level remains important for two reasons: 1. This was the area on this timeframe pro money buyers decided to spike above the round number 0.94 which means there was buying strength around this area at that time which indicates unfilled buy orders may still be left there, and number 2: this 4hr area is neatly located at the lower limits of the medium-term daily range at 0.93208. So do watch this area closely as we expect there to be a reaction.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above a decision point area (0.93795-0.93945) at 0.93967 has been stopped out.
• New pending buy orders (Green line) are seen just above the decision-point area (0.93348-0.93500) at 0.93517. This area could well see a reaction due to its location; it is neatly placed around the lower limits of the medium-term daily range at 0.93208.
• 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: 0.93517 (SL: 0.93260 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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