Interesting price action visible on AUD/USD this morning
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June and July’s follow-through has witnessed supply at 0.7029/0.6664, and intersecting long-term trendline resistance (1.0582), give way in recent trading. Technically, this could liberate buyers to as far north as 0.8303/0.8082, a supply zone that aligns closely with trendline resistance (prior support - 0.4776).
Despite this, the market’s primary trend points south, demonstrating a series of lower lows and lower highs since mid-2011.
Daily timeframe:
Since ousting resistance at 0.6931, the level has been featured as support with Wednesday’s price action coming within a stone’s throw away from reaching 0.7197 resistance. Candlestick traders will also note yesterday finished by way of a shooting star candle pattern, considered a bearish signal at peaks.
In terms of the RSI oscillator, the value recently entered overbought territory.
H4 timeframe:
Wednesday saw supply at 0.7158/0.7137 accept a whipsaw through its upper boundary, taking in the lower ledge of supply from 0.7198/0.7179. Technicians will acknowledge the latter also holds daily resistance at 0.7197 within its upper boundary.
Dropping to lower ground today throws light on 0.7102/0.7084, a supply-turned demand area.
H1 timeframe:
Entering US trade on Wednesday, following a shooting star candlestick formation (bearish signal), AUD/USD found its way through 0.7150 into local demand at 0.7118/0.7146. Buyers and sellers, therefore, are seen squaring off between the noted demand and 0.7150 resistance.
Sliding under current demand lands things within close proximity to 0.71 psychological support, whereas toppling 0.7150 resistance, aside from yesterday’s high at 0.7182, could lift the currency pair to as far north as 0.72.
Structures of Interest:
Having noted monthly price climbing through supply at 0.7029/0.6664/trendline resistance, along with the current trend facing northbound, H1 rallying out of demand at 0.7118/0.7146 could be in store today.
Contrary to the above, however, daily price dented the surface of resistance at 0.7197 yesterday and formed a bearish candle signal. This, along with H4 suggesting moves to 0.7102/0.7084, may weigh on bullish strategies above 0.7150 resistance on the H1 and potentially head for 0.71 (also represents the top edge of H4 demand).
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June and July’s follow-through has witnessed supply at 0.7029/0.6664, and intersecting long-term trendline resistance (1.0582), give way in recent trading. Technically, this could liberate buyers to as far north as 0.8303/0.8082, a supply zone that aligns closely with trendline resistance (prior support - 0.4776).
Despite this, the market’s primary trend points south, demonstrating a series of lower lows and lower highs since mid-2011.
Daily timeframe:
Since ousting resistance at 0.6931, the level has been featured as support with Wednesday’s price action coming within a stone’s throw away from reaching 0.7197 resistance. Candlestick traders will also note yesterday finished by way of a shooting star candle pattern, considered a bearish signal at peaks.
In terms of the RSI oscillator, the value recently entered overbought territory.
H4 timeframe:
Wednesday saw supply at 0.7158/0.7137 accept a whipsaw through its upper boundary, taking in the lower ledge of supply from 0.7198/0.7179. Technicians will acknowledge the latter also holds daily resistance at 0.7197 within its upper boundary.
Dropping to lower ground today throws light on 0.7102/0.7084, a supply-turned demand area.
H1 timeframe:
Entering US trade on Wednesday, following a shooting star candlestick formation (bearish signal), AUD/USD found its way through 0.7150 into local demand at 0.7118/0.7146. Buyers and sellers, therefore, are seen squaring off between the noted demand and 0.7150 resistance.
Sliding under current demand lands things within close proximity to 0.71 psychological support, whereas toppling 0.7150 resistance, aside from yesterday’s high at 0.7182, could lift the currency pair to as far north as 0.72.
Structures of Interest:
Having noted monthly price climbing through supply at 0.7029/0.6664/trendline resistance, along with the current trend facing northbound, H1 rallying out of demand at 0.7118/0.7146 could be in store today.
Contrary to the above, however, daily price dented the surface of resistance at 0.7197 yesterday and formed a bearish candle signal. This, along with H4 suggesting moves to 0.7102/0.7084, may weigh on bullish strategies above 0.7150 resistance on the H1 and potentially head for 0.71 (also represents the top edge of H4 demand).
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