Monthly demand at 0.6094/0.5866 is in play!
AUD/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Demand at 0.6358/0.6839 yielded last week, after capping downside since 2016. Overwhelmed by the effects of coronavirus, the pair recently refreshed multi-year lows, registering losses nearing 6.00% so far in March and testing demand at 0.6094/0.5866, an area formed in 2003 that held price higher in late 2008.
Since 2011, the primary trend in this market has faced a southerly bearing.
Daily timeframe:
Partially altered from previous analysis -
After AUD/USD powered through demand at 0.6330/0.6245 last week, the pair has since challenged lows at 0.6078 and retested 0.6330/0.6245 as supply.
This may have unshackled downside to another layer of demand coming in at 0.5926/0.6062 (located within monthly demand at 0.6094/0.5866), holding a 161.8% Fib ext. level around its upper edge.
In terms of the RSI indicator, given the predominant downtrend in this market, the value continues to run through oversold terrain, unable to breach 50.0 to the upside.
H4 timeframe:
Early hours Monday observed a healthy bid lift AUD/USD from the 127.2% Fib ext. at 0.6122, missing the 0.6314 resistance by a hair before pulling back to south of 0.62. As we head into Asia Pac hours, buyers appear nervous off 0.6122, potentially prepping the ground for moves to a 161.8% Fib ext. point at 0.6009.
H1 timeframe:
The 0.61 handle is proving a valuable support in this market, combined with a 161.8% Fib ext. level at 0.6099. In a bid to counter buying interest off 0.61 Monday, however, 0.6184 offered sellers a platform and, more recently, 0.6150. It might also interest some traders to note that the unit remains compressing within a descending channel formation (0.6384/0.6212).
Note also 0.6050 calls for attention beyond 0.61 and the 100-period SMA continues to drift south. Additionally, the RSI indicator forms modestly visible bullish divergence a few points north of the oversold level.
Structures of Interest:
Monthly demand at 0.6094/0.5866 may prompt a minor recovery in this market, with scope to revisit the underneath of 0.6358/0.6839. Before this occurs, though, daily price suggests a test of demand at 0.5926/0.6062, holding a 161.8% Fib ext. level around its upper edge. Consequently, intraday selling south of 0.61 is an idea, while 0.6050 (sited within the upper limit of daily demand at 0.5926/0.6062) may offer key support in this market for moves as far north as 0.6358 (monthly levels).
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Demand at 0.6358/0.6839 yielded last week, after capping downside since 2016. Overwhelmed by the effects of coronavirus, the pair recently refreshed multi-year lows, registering losses nearing 6.00% so far in March and testing demand at 0.6094/0.5866, an area formed in 2003 that held price higher in late 2008.
Since 2011, the primary trend in this market has faced a southerly bearing.
Daily timeframe:
Partially altered from previous analysis -
After AUD/USD powered through demand at 0.6330/0.6245 last week, the pair has since challenged lows at 0.6078 and retested 0.6330/0.6245 as supply.
This may have unshackled downside to another layer of demand coming in at 0.5926/0.6062 (located within monthly demand at 0.6094/0.5866), holding a 161.8% Fib ext. level around its upper edge.
In terms of the RSI indicator, given the predominant downtrend in this market, the value continues to run through oversold terrain, unable to breach 50.0 to the upside.
H4 timeframe:
Early hours Monday observed a healthy bid lift AUD/USD from the 127.2% Fib ext. at 0.6122, missing the 0.6314 resistance by a hair before pulling back to south of 0.62. As we head into Asia Pac hours, buyers appear nervous off 0.6122, potentially prepping the ground for moves to a 161.8% Fib ext. point at 0.6009.
H1 timeframe:
The 0.61 handle is proving a valuable support in this market, combined with a 161.8% Fib ext. level at 0.6099. In a bid to counter buying interest off 0.61 Monday, however, 0.6184 offered sellers a platform and, more recently, 0.6150. It might also interest some traders to note that the unit remains compressing within a descending channel formation (0.6384/0.6212).
Note also 0.6050 calls for attention beyond 0.61 and the 100-period SMA continues to drift south. Additionally, the RSI indicator forms modestly visible bullish divergence a few points north of the oversold level.
Structures of Interest:
Monthly demand at 0.6094/0.5866 may prompt a minor recovery in this market, with scope to revisit the underneath of 0.6358/0.6839. Before this occurs, though, daily price suggests a test of demand at 0.5926/0.6062, holding a 161.8% Fib ext. level around its upper edge. Consequently, intraday selling south of 0.61 is an idea, while 0.6050 (sited within the upper limit of daily demand at 0.5926/0.6062) may offer key support in this market for moves as far north as 0.6358 (monthly levels).
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