AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar / U.S. Dollar
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Weekly Timeframe: Things may be looking up for the buyers on this pair! A nice-looking buying tail is currently forming within weekly demand at 0.86591-0.88247. It will be interesting to see what the lower timeframes have to say about this.

Daily Timeframe: Very beautiful indeed! The daily timeframe shows price has successfully closed above the 0.87556 level, after three buying tails were seen within daily demand at 0.86183-0.87183. For prices to continue higher however, which is very possible since we are also trading within weekly demand (see above) as well, price would need break above a very obvious daily decision-point area coming in at 0.88961-0.88302.

4hr Timeframe: The rebound from the 0.86591 support level extended higher recently, and as a consequence saw the combined 4hr supply/round number area seen at 0.88122-0.87511/0.88 consumed (marked with a blue arrow ). With the majority of sellers likely stopped out around this area, the path north is possibly clear up to around the 0.88961-0.88629 area (active sell orders likely set below at 0.88574), which sits beautifully inside the daily decision-point area mentioned above at 0.88961-0.88302.

Be that as it may, we ideally want to be long the market now. We currently have our eye on the Quasimodo support level seen at 0.86826 (active buy orders likely set just above at 0.86890), which is encompassed by the 0.87 level just above, and also 4hr support (0.86591) just below. All in all, a great area to be looking to go long in!

Buy/sell levels:

• Buy orders: 0.86890 (Predicative stop-loss orders seen at: 0.86466).

• Sell orders: 0.88574 (Predicative stop-loss orders seen at: 0.89055).

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