ICmarkets

AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
146 0 2
Weekly Timeframe: Things may be looking up for the buyers on this pair! A nice-looking buying tail is currently forming within weekly demand at 0.86591-0.88247. It will be interesting to see what the lower timeframes have to say about this.

Daily Timeframe: The daily timeframe however is not so positive. The present buying seen on the weekly timeframe has pushed price up to around the 0.87556 level (Quasimodo resistance), which is likely to repel the market. A close above this level on the other hand is a different matter, as this will potentially confirm price is heading up to at least the 0.88874 level (daily resistance), and at the same time give some credibility to the buying tail seen within the aforementioned weekly demand area.

4hr Timeframe: The 4hr timeframe currently shows price action is confined between the 0.87 level (support) and a combined 4hr supply/round number area seen at 0.88122-0.87511/0.88. For higher prices to be seen, sell orders will need to be consumed around this supply area, upon which we expect a rally up to at least the 0.89 level.

Range traders may wish to trade this temporary 4hr consolidation, but it may be best to wait for some price action confirmation signal before pulling the trigger, since this level could break at any time. Buy orders are likely set around the 0.87060 level, and likewise sell orders are likely to be set either around the 0.87610 level, or deeper within 4hr supply (levels above), just below the round number 0.88 at 0.87927.

Buy/sell levels:

• Buy orders: 0.87060 (Predicative stop-loss orders seen at: Dependent on which price action confirmation signal one uses).

• Sell orders: 0.87610 (Predicative stop-loss orders seen at: Dependent on which price action confirmation signal one uses) 0.87927 (Predicative stop-loss orders seen at: Dependent on which price action confirmation signal one uses).

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