ICmarkets

AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
34 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Price is still seen in a consolidation with the upper limits at 0.94600 and the lower around the 0.92046 area. Last week saw sellers becoming quite aggressive if we compare to the last three weekly candles. Could we see a drop down the lower limits of this consolidation area this week?
• Daily timeframe: A positive daily close below the 0.93208 level happened last week, with price later seen retesting it as resistance. Selling pressure is currently being seen from around this level, if a bigger move south happens, we may see a push to the downside towards daily demand at 0.92046-0.92354.

Price did in fact drop further south meaning demand was well and truly consumed around the green trendline level. At the time of writing, a fakeout of the round number 0.93 has been seen (just missing our pending buy order by about 8 pips including spread at 0.92855), with the buyers pushing price back up to the 4hr D/S flip area at 0.93208-0.93417 where sellers are beginning to show some interest now.

For the time being buyers and sellers are currently trapped between the aforementioned 4hr D/S flip area and the 4hr decision-point area below at 0.92566-0.92736. A break above will likely answer our question regarding whether or not a fakeout below the daily range low 0.93208 has occurred (see daily chart ), conversely, a break below the aforementioned 4hr decision-point area will likely confirm it was not a fakeout, and price could well be heading to the 4hr decision-point level below at 0.92384 which is conveniently located just above daily demand at 0.092046-0.92354.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision point area (0.92566-0.92736) at 0.92855. The reason we have set an order such as this here, is simply because we believe majority of the sellers have now been consumed around the 4hr D/S flip area at 0.93208-0.93417, so a pending buy order (level above) has been set awaiting a possible return.
• No P.A confirmation buy orders (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 orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.92855 (SL: 0.92691 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders 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 orders seen in the current market environment.
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