ICmarkets

Anyone seeing different on the Aussie??

FX:AUDUSD   Australian Dollar/U.S. Dollar
140 0 5
Upon reaching the psychological threshold 0.7300 on Tuesday, a steady wave of bids piled into the AUD. This resulted in price driving into the jaws of a H4 supply zone fixed at 0.7385-0.7364. Well done to any of our readers who managed to lock down a long position from 0.7300 yesterday as this was a noted move to watch for in our previous report (see link below).

Going forward, however, we see trouble ahead for the bulls! The current H4 supply coupled with daily resistance at 0.7380 could potentially halt further buying. Now, we could be wrong here as let’s be mindful to the fact that weekly action is currently trading from a demand base drawn at 0.7438-0.7315 at the moment. This, in our view, leaves traders in a precarious position: buy into H4/daily resistance or sell into weekly demand?!?!

As you can see, there is not much in the way of a clear tradable setup on the Aussie at present. As such we’ll patiently await further developments from the sidelines for now.

http://blog.icmarkets.com/tuesday-10th-may-daily-technical-outlook-and-review/
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