ICmarkets
Long

Pending buy order placed at 0.7146...

FX:AUDUSD   Australian Dollar/U.S. Dollar
182 0 6
Weekly gain/loss: - 38 pips
Weekly closing price: 0.7179
Weekly opening price: 0.7175

Weekly view: The AUD/USD             was once again hit where it hurts, suffering its sixth consecutive weekly loss last week! From this point, it is difficult to judge whether this selling will continue this week since the bulls have yet to register any noteworthy move from the current demand zone seen at 0.7108-0.7186. In the event that the bulls get their act together this week, the next upside target falls in at 0.7438-0.7315. Meanwhile, a continuation move south could open the gates for price to connect with support at 0.7035.

Daily view: The reason (technically) weekly buyers are likely struggling can be seen from the daily chart . A strong ceiling of offers have formed around a small area of supply drawn from 0.7259-0.7226, which if continues to hold firm, it’s very possible we may see price test demand at 0.7108-0.7140. So do keep a tab on these two barriers this week.

H4 view: For those who follow our reports on a regular basis you may recall that we mentioned to watch for price to sell-off from resistance at 0.7241 on Friday. As we can all see, the market did drop lower and also took out a pocket of bids around the 0.72 handle before closing the week around the 0.7180 mark. Well done to any of our readers who managed to jump aboard before price fell lower.

Our suggestions: Taking into consideration the higher-timeframe structure (see above), this week’s spotlight is firmly focused on 0.7145 – a H4 Quasimodo support for long entries. This support not only blends nicely with a H4 trendline support taken from the low 0.6827, it also sits deep within the current weekly demand and also just above the aforementioned daily demand base. In light of this confluence, our team has placed a pending order to buy at 0.7146, with a stop set just below daily demand at 0.7105. Our first take-profit target will depend on how price approaches 0.7145 but usually we’ll look to aim for the most logical H4 supply formed on approach.
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