ICmarkets
Long

AUD/USD: technical outlook and review...

FX:AUDUSD   Australian Dollar/U.S. Dollar
179 0 1
Beginning with the weekly chart this morning, we can see that the commodity currency is holding steady above support drawn from 0.7035. This, as a result, forced the Aussie to recently close above daily resistance (now acting support) at 0.7178. On the assumption that the buyers can remain dominant above this number today, the path north appears clear up to supply coming in at 0.7327-0.7283 (glued to the underside of a weekly supply seen at 0.7438-0.7315).

Stepping down into the pits of the H4, nevertheless, it is clear to see that price sold off from resistance at 0.7242-0.7249 going into the American session yesterday. Considering the higher-timeframe picture (see above), momentum is, at least in our estimation, to the upside for now. Therefore, for this expectation to hold, H4 demand at 0.7171-0.7146 should stand firm, and at the same time potentially provide a nice floor in which to buy from. Be that as it may, the NFP release is just around the corner and technicals are usually put to one side during this time, so we would only consider trading this barrier long if and only if lower timeframe confirmation was seen pre/post NFP. Should this trade come to fruition, first take-profit target (for us) would be the above said H4 resistance area , followed by the underside of daily supply mentioned above at 0.7283.

Levels to watch/live orders:

• Buys: 0.7171-0.7146 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).
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