ICmarkets

AUD/USD: Weekly technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
75 0 2
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. The week before last, the sellers were still pushing south, however, last week put an end to that, as the buyers bit back, and pushed price back into the range closing the market for the week at 0.93155.

Daily TF.

Buying pressure was seen for the most part of last week from around the daily demand area at 0.92046-0.92354. For the time being, price is caught trading between the aforementioned daily demand area, 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.

4hr TF.

A successful retest of the round number 0.93 was seen late Friday; however active sell orders kept price from rallying around a 4hr minor supply area at 0.93226-0.93333 causing a tail to form just before the market closed. If we see a close above this 4hr supply area, we can likely expect price to at least trade to the level of 4hr supply marked with a green flag at 0.93529 (prominent daily decision-point level – take a look on the daily chart ), which is the only level stopping price from hitting our third and final take-profit target at 0.93728 (active long position from 0.92417). However, if we see a push/spike below the round number down to the 4hr R/S flip level at 0.92815, this would likely fill our pending buy order set just above at 0.92857, and allow pro money to collect more liquidity to push higher (traders will be long from the round number, stops will be below, once these stops are triggered, they become sell orders = liquidity for pro money to buy into. Also, there will be a lot of breakout sellers selling if a close below is seen, thus handing over more sell orders to pro money).

Either way, it will be very interesting to see how price action unfolds this week.

Pending/P.A confirmation levels:

• 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 target has recently been hit at 0.93, so do keep an eye out for our third and final take-profit target set at 0.93728.
• 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 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: 0.92417 (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 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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