ICmarkets

AUD/USD Technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
28 0 0
Weekly TF.

Price has been relatively boring on this timeframe with buyers and sellers seen trading in a consolidation (0.94600/0.92046). A few weeks back the buyers did attempt to trade and close above higher, but were quite quickly hammered back down into this consolidation area.

Daily TF.

Over the past two to three weeks, the majority of the trading action has been taking place between the low 0.93208 and daily supply above at 0.95425-0.94852. Range traders are more than welcome to trade the limits here, however, for us, we will wait for a break and attempt to trade the retest, so, on this timeframe it is a waiting game.

4hr TF.

Price has now pushed above the round number 0.94000 possibly clearing out the majority of the sellers, and obviously trapping breakout buyers there, so effectively, price is now free to rally higher up to the 4hr decision-point level at 0.94408.

Before price continues higher, traders should be prepared for a possible retracement back down to the 4hr demand at 0.93208-0.93417 as pro money will likely not have the required liquidity (in this case sell orders to buy into) to move price up this far.

Pending/P.A confirmation orders:

• New pending buy orders (Green line) are seen just above demand (0.93208-0.93417) at 0.93512. The reason a pending buy order is valid here is because we have seen the buyers possibly consume most of the sellers around the round number 0.94000, thus clearing the way north. A retracement is likely to be seen beforehand though to around the 0.93500-0.93348 area.
• 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.
• The pending sell order (Green line) set just below the decision point level (0.94408) at 0.94382 has now been closed at 0.93443 with good profits locked in.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.93512 (SL: 0.93175 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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