ICmarkets

AUD/USD: Technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
147 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 the sellers becoming quite aggressive if we compare to the last three weekly candles. More selling is currently being seen, a touch of the lower limit area (level above) may very well be seen soon.
• Daily timeframe: A push back up into the daily range was seen (0.95425-0.94852….0.93208) was seen, then recent selling pressure came into the market pushing price hard to the downside, we see very little stopping price from hitting the daily demand area below at 0.92046-0.92354.

The last analysis reported the following:

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.

With the above still in mind, price shot up from the round number area 0.93, past the 4hr D/S flip area at 0.93208-0.93417 straight to a beautiful-looking 4hr supply area at 0.93866-0.93728, and dropped like a rock due to news down to a 4hr decision-point area at 0.92566-0.92736, where price is currently seen trading at for the moment.

Buyers seem to have been consumed now within the aforementioned 4hr decision-point area, if we do see serious buying interest from this area, a fakeout of the daily range lower limit at 0.93208 could still have occurred, however, if we see price break below the 4hr decision-point area, it will have likely confirmed price is continuing south to at least the 4hr decision-point level below at 0.92384, which as just mentioned above, is conveniently located just above daily demand at 0.92046-0.92354.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above the decision point area (0.92566-0.92736) at 0.92855 has been stopped out.
• New pending buy orders (Green line) are seen just above the 4hr decision-point level (0.92384) at 0.92417. A pending buy order is set here simply because this area could see a touch if pro money decide to fakeout below the 4hr decision-point area at 0.92566-0.92736. Also, we mustn’t forget that this level is nicely located just above a daily demand area at 0.92046-0.92354, so a reaction is expected to be seen here.
• 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 (SL: 0.92228 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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