AUD/USD intraday focus to the downside...
AUD/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension as well as June’s follow-through has seen price test the mettle of monthly supply at 0.7029/0.6664. Technically, the area benefits from additional resistance by way of a long-term trendline formation (1.0582).
Regarding the market’s primary trend, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis –
Buyers and sellers on the daily timeframe recently squared off under two trendline resistances (prior supports – 0.6744/0.6671), eventually shipping price through support from 0.6931. Monday returned with a bullish outside day formation, forcing a retest at the underside of 0.6931 on Tuesday that delivered little to the downside Wednesday by way of an indecision candle.
Support at 0.6755 also remains in view.
It may also interest traders to note the 200-day simple moving average at 0.6664 is in the process of flattening/marginally turning higher, following months of drifting lower.
H4 timeframe:
Partially altered from previous analysis –
AUD/USD found trendline resistance (prior support – 0.6856) to be welcoming on Tuesday, a level joining with a 61.8% Fib ret level at 0.6947. Sellers struggled to pull the currency pair lower Wednesday, putting forward a mild pullback into the close.
A pop lower today, nonetheless, could swing for demand at 0.6773/0.6814, perhaps forming an approach by way of an ABCD pattern. There is a possibility we could also dethrone current demand, in favour of drawing in daily support at 0.6755.
H1 timeframe:
Supply at 0.6932/0.6918, as expected, put forward a defence Wednesday, an area located just above the 0.69 handle. This area, alongside the 100-period simple moving average at 0.6875, presents an intraday range to work with today.
Outside of this area, 0.6950 represents resistance and 0.6850 comes in as support.
Structures of Interest:
Combined, monthly supply at 0.7029/0.6664, along with monthly trendline resistance, and daily resistance at 0.6931, is likely to send price beneath the H1 range today, perhaps unlocking intraday selling opportunities.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension as well as June’s follow-through has seen price test the mettle of monthly supply at 0.7029/0.6664. Technically, the area benefits from additional resistance by way of a long-term trendline formation (1.0582).
Regarding the market’s primary trend, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis –
Buyers and sellers on the daily timeframe recently squared off under two trendline resistances (prior supports – 0.6744/0.6671), eventually shipping price through support from 0.6931. Monday returned with a bullish outside day formation, forcing a retest at the underside of 0.6931 on Tuesday that delivered little to the downside Wednesday by way of an indecision candle.
Support at 0.6755 also remains in view.
It may also interest traders to note the 200-day simple moving average at 0.6664 is in the process of flattening/marginally turning higher, following months of drifting lower.
H4 timeframe:
Partially altered from previous analysis –
AUD/USD found trendline resistance (prior support – 0.6856) to be welcoming on Tuesday, a level joining with a 61.8% Fib ret level at 0.6947. Sellers struggled to pull the currency pair lower Wednesday, putting forward a mild pullback into the close.
A pop lower today, nonetheless, could swing for demand at 0.6773/0.6814, perhaps forming an approach by way of an ABCD pattern. There is a possibility we could also dethrone current demand, in favour of drawing in daily support at 0.6755.
H1 timeframe:
Supply at 0.6932/0.6918, as expected, put forward a defence Wednesday, an area located just above the 0.69 handle. This area, alongside the 100-period simple moving average at 0.6875, presents an intraday range to work with today.
Outside of this area, 0.6950 represents resistance and 0.6850 comes in as support.
Structures of Interest:
Combined, monthly supply at 0.7029/0.6664, along with monthly trendline resistance, and daily resistance at 0.6931, is likely to send price beneath the H1 range today, perhaps unlocking intraday selling opportunities.
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