H1 falling wedge in play
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 swerved action into supply at 0.7029/0.6664, an area benefitting 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:
Since June 11 smothered support at 0.6931, the base has proved reasonably worthy resistance.
Although the break lower threw light on support nearby at 0.6755, the level remains unopposed. Interestingly, dethroning the aforementioned support also throws light on the 200-day simple moving average at 0.6664, which is in the process of flattening, following months of drifting lower.
H4 timeframe:
Demand at 0.6773/0.6814, an area boasting a connection with a 38.2% Fib level at 0.6808, once again, contained downside on Monday.
Although circling tops around 0.6910, a 61.8% Fib level is also stationed close by at 0.6947. Higher than here will likely entail crossing paths with trendline resistance (prior support – 0.6856) and supply around 0.7046/0.7036.
H1 timeframe:
Initially, as you can see here fpmarkets.com/blog/weekly-technical-market-insight-22nd-26th-june-2020/, research had eyes on a descending triangle. However, following Monday’s kick higher, a falling wedge (0.6976/0.6833) appears more appropriate technical structure on this timeframe.
Early US Monday engulfed the upper level of the falling wedge, riding through 0.69 and testing supply at 0.6932/0.6918.
The take-profit target derived from the falling wedge pattern can be found just ahead of the 0.7050 region, measured by taking the base value and adding this to the breakout point (yellow).
Structures of Interest:
For the H1 falling wedge to complete, price has to overcome a number of potentially troublesome hurdles, including daily resistance at 0.6931 and the widely watched round number 0.70 seen on the H1.
A daily close above the aforementioned daily resistance, therefore, will likely serve as a cue to reduce risk to breakeven.
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 swerved action into supply at 0.7029/0.6664, an area benefitting 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:
Since June 11 smothered support at 0.6931, the base has proved reasonably worthy resistance.
Although the break lower threw light on support nearby at 0.6755, the level remains unopposed. Interestingly, dethroning the aforementioned support also throws light on the 200-day simple moving average at 0.6664, which is in the process of flattening, following months of drifting lower.
H4 timeframe:
Demand at 0.6773/0.6814, an area boasting a connection with a 38.2% Fib level at 0.6808, once again, contained downside on Monday.
Although circling tops around 0.6910, a 61.8% Fib level is also stationed close by at 0.6947. Higher than here will likely entail crossing paths with trendline resistance (prior support – 0.6856) and supply around 0.7046/0.7036.
H1 timeframe:
Initially, as you can see here fpmarkets.com/blog/weekly-technical-market-insight-22nd-26th-june-2020/, research had eyes on a descending triangle. However, following Monday’s kick higher, a falling wedge (0.6976/0.6833) appears more appropriate technical structure on this timeframe.
Early US Monday engulfed the upper level of the falling wedge, riding through 0.69 and testing supply at 0.6932/0.6918.
The take-profit target derived from the falling wedge pattern can be found just ahead of the 0.7050 region, measured by taking the base value and adding this to the breakout point (yellow).
Structures of Interest:
For the H1 falling wedge to complete, price has to overcome a number of potentially troublesome hurdles, including daily resistance at 0.6931 and the widely watched round number 0.70 seen on the H1.
A daily close above the aforementioned daily resistance, therefore, will likely serve as a cue to reduce risk to breakeven.
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 swerved action into supply at 0.7029/0.6664, an area benefitting 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:
Since June 11 smothered support at 0.6931, the base has proved reasonably worthy resistance.
Although the break lower threw light on support nearby at 0.6755, the level remains unopposed. Interestingly, dethroning the aforementioned support also throws light on the 200-day simple moving average at 0.6664, which is in the process of flattening, following months of drifting lower.
H4 timeframe:
Demand at 0.6773/0.6814, an area boasting a connection with a 38.2% Fib level at 0.6808, once again, contained downside on Monday.
Although circling tops around 0.6910, a 61.8% Fib level is also stationed close by at 0.6947. Higher than here will likely entail crossing paths with trendline resistance (prior support – 0.6856) and supply around 0.7046/0.7036.
H1 timeframe:
Initially, as you can see here fpmarkets.com/blog/weekly-technical-market-insight-22nd-26th-june-2020/, research had eyes on a descending triangle. However, following Monday’s kick higher, a falling wedge (0.6976/0.6833) appears more appropriate technical structure on this timeframe.
Early US Monday engulfed the upper level of the falling wedge, riding through 0.69 and testing supply at 0.6932/0.6918.
The take-profit target derived from the falling wedge pattern can be found just ahead of the 0.7050 region, measured by taking the base value and adding this to the breakout point (yellow).
Structures of Interest:
For the H1 falling wedge to complete, price has to overcome a number of potentially troublesome hurdles, including daily resistance at 0.6931 and the widely watched round number 0.70 seen on the H1.
A daily close above the aforementioned daily resistance, therefore, will likely serve as a cue to reduce risk to breakeven.
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 swerved action into supply at 0.7029/0.6664, an area benefitting 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:
Since June 11 smothered support at 0.6931, the base has proved reasonably worthy resistance.
Although the break lower threw light on support nearby at 0.6755, the level remains unopposed. Interestingly, dethroning the aforementioned support also throws light on the 200-day simple moving average at 0.6664, which is in the process of flattening, following months of drifting lower.
H4 timeframe:
Demand at 0.6773/0.6814, an area boasting a connection with a 38.2% Fib level at 0.6808, once again, contained downside on Monday.
Although circling tops around 0.6910, a 61.8% Fib level is also stationed close by at 0.6947. Higher than here will likely entail crossing paths with trendline resistance (prior support – 0.6856) and supply around 0.7046/0.7036.
H1 timeframe:
Initially, as you can see here fpmarkets.com/blog/weekly-technical-market-insight-22nd-26th-june-2020/, research had eyes on a descending triangle. However, following Monday’s kick higher, a falling wedge (0.6976/0.6833) appears more appropriate technical structure on this timeframe.
Early US Monday engulfed the upper level of the falling wedge, riding through 0.69 and testing supply at 0.6932/0.6918.
The take-profit target derived from the falling wedge pattern can be found just ahead of the 0.7050 region, measured by taking the base value and adding this to the breakout point (yellow).
Structures of Interest:
For the H1 falling wedge to complete, price has to overcome a number of potentially troublesome hurdles, including daily resistance at 0.6931 and the widely watched round number 0.70 seen on the H1.
A daily close above the aforementioned daily resistance, therefore, will likely serve as a cue to reduce risk to breakeven.
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