ICmarkets

AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
78 0 2
4hr TF

The higher-timeframe picture resembles the following:

• Weekly TF: Price is still seen in a consolidation with the upper limits at 0.94600 and the lower around the 0.92046 area. The sellers have recently pushed price south, as a result price is now trading around the aforementioned lower limits, could we see a close below? Things would get interesting then, as this could likely force a push down to around the weekly support level at 0.89134.

• Daily TF: A beautiful to-the-pip reaction happened around daily demand at 0.92046-0.92354 with price now seen rallying higher. This is a very important area, one which if a positive daily close below is seen would effectively mean price has broken out of the weekly consolidation area as well (for levels, see above), and lower prices would then be expected down to at least the daily R/S flip level below at 0.91323.The next trouble area supply for the buyers in our opinion is the daily decision-point level at 0.93529.

Some interesting developments have been seen on this pair. Our active long position at 0.92417 is still looking in very good shape. We initially placed a P.A confirmation buy order just above the round number 0.93 at 0.93021, the order was triggered in, but price traded very deep past the aforementioned round number level to a minor 4hr R/S flip level below at 0.92815. Taking all of this into consideration, and with the buyers appearing to consume most of the sellers around the high marked with a circle at 0.93185 likely clearing the path north, we are going to place a pending buy order just above the aforementioned minor 4hr R/S flip level at 0.92857 as there is very likely some unfilled buy orders still sitting there.

We see very little that would stop price rallying and reaching our third and final take-profit level at 0.93728 (from the long position at 0.92417), other than the level marked with a green flag at 0.93529 which will be watched closely if price reaches this high.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above the 4hr decision-point level (0.92384) at 0.92417 is now active. Our second take-profit level has recently been hit at 0.93, so do keep an eye out for our third and final take-profit level set at 0.93728.
• New pending buy orders (Green line) are seen just above a minor 4hr R/S flip level (0.92815) at 0.92857. The reasoning behind setting a pending buy order here is simply because the buyers pushed off nicely from this level, and consumed what appears to be most of the sellers around the high marked with a circle at 0.93185 possibly clearing the path north, so if price does indeed return to this area, a first-time reaction is very much expected.
• 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: 0.92417 (Active) (SL: 0.92228 TP: 0.92815 0.93 0.93728) 0.92857 (SL: 0.92700 TP: Dependent on how price approaches the area). 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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