ICmarkets

AUD/USD Technical outlook and review.

FX:AUDUSD   Australian Dollar/U.S. Dollar
24 0 0
4hr TF.

The higher picture resembles the following:

• The weekly timeframe shows price is consolidating at the moment (0.94600/0.92046) with a break out yet to be seen.

• Buyers and sellers are currently seen trading in between daily supply at 0.95425-0.94852 and an important daily low below at 0.93208 where price is currently trading at the moment.

It was reported in the last analysis that the selling should not effectively stop just yet as the path is seen quite clear down to at least 4hr demand at 0.93208-0.93417. Bullish price action did start to be seen, but, again this was reported in the last analysis that it would only likely last up to the minor 4hr S/R flip level at 0.93765, which again was proved to be correct as the buyers could not manage to close above the aforementioned level.

Its decision time now on this Aussie pair! A break below the 4hr demand area (levels above) could very well see price testing the round number at 0.93000 at the very least, and with a little effort from the sellers, a drop down to a 4hr decision-point area at 0.92566-0.92736 could happen. The buyers are actually beginning to show interest out of the 4hr demand area at (levels above), where could the buyers possibly bring price to? Most of the sellers are no doubt consumed at the minor 4hr S/R flip area at 0.93765, and just above there a spike/wick marked with an arrow 0.93973 has likely consumed most of the supply around the 0.93933 area (circled), so this just leaves the next area above, a 4hr decision point at 0.94408 that could still have unfilled sell orders lurking there. It will be interesting to see how this current price action unfolds!

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy orders (Red line) are seen just above the decision point level (0.92566-0.92736) at 0.92775. The reason for placing a P.A confirmation buy order here rather than pending buy order is simply because we were trading just above a daily demand ‘buy zone’ at 0.92046-0.92354, meaning pro money could very well just ignore this level completely and trade deeper into the aforementioned daily demand area, so, confirmation is the order of the day!

• Pending sell orders (Green line) are seen just below supply (0.95425-0.95096) at 0.95052. A pending sell order is placed here due to this being an area where pro money was interested in before; see how close price came to the supply area? (Levels above), this indicates possible strong supply (selling pressure), so the next time price visits we can expect some sort of reaction.
• The pending sell order (Green line) set just below the decision point level (0.94408) at 0.94382 is now active. Our second take-profit target has been hit at 0.93360, so do keep an eye on our third and final target seen just below at the round number 0.93000.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: No pending buy orders seen in the current market environment. P.A.C: 0.92775 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: 0.95052 (SL: 0.95467 TP: Depending on price approach) 0.94382 (Active-2nd target hit) (SL: 0.94677 TP: 0.93678 0.93360 0.93000. P.A.C: No P.A confirmation sell orders seen in the current market environment.
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