ICmarkets

AUD/USD: Technical outlook and review.

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

The higher-timeframe picture resembles the following:

• Weekly TF: Price is still frustratingly trading within a weekly consolidation area with the upper limits seen at 0.94600, and the lower at 0.92046, with no signs of a break happening just yet.

• Daily TF: Price still remains caught trading between the daily demand area 0.92046-0.92354, and a daily decision-point level at 0.93529. A break above could see prices test daily supply at 0.94729-0.94175, conversely, a break below will likely see a push south towards a daily R/S flip level at 0.91323. Let’s also not forget, if a break below is indeed seen, this would effectively mean that price has broken below the weekly consolidation area (levels above) as well.

A break and retest of the round number 0.93 has recently been seen on the Aussie. The 4hr decision-point level below at 0.92785 remains an important level to watch in our opinion, since this was very likely the ‘area’ where pro money buyers made the ‘decision’ to push prices above the round number level.

We have placed a pending buy order (0.92807) just above the aforementioned 4hr decision-point level, as we believe a first-time reaction is likely if price reaches this far down. Current price seems to have consumed most of the sellers around the high circled in red at 0.93279, the only concern we have is that price did not break above the 4hr supply area (0.93365) marked with a blue arrow, so if/when this order gets filled, we are going to be extra aggressive with trade management.

Pending/P.A confirmation levels:

• New pending buy orders (Green line) are seen just above a 4hr decision-point level (0.92785) at 0.92807. We have placed a pending buy order here because this level remains untouched, and Is effectively where pro money buyers likely made the decision to push prices above the round number 0.93.
• No P.A confirmation buy levels (Red line) are seen in the current environment.

• No pending sell orders (Green line) are seen in the current environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.92807 SL: 0.92661 TP: Dependent on how price approaches) P.A.C: No P.A confirmation buy levels seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: No P.A confirmation sell levels seen in the current market environment.
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