AUD/USD: Technical outlook and review.
4hr TF
The higher-timeframe picture resembles the following:
• Weekly TF: Price is still seen in a consolidation with the upper limits at 0.94600 and the lower around the 0.92046 area. The sellers have recently pushed price south, as a result price is now trading around the aforementioned lower limits, could we see a close below this week? Things would get interesting then, as this could likely force a push down to around the weekly support level at 0.89134.
• Daily TF: A beautiful to-the-pip reaction happened around daily demand at 0.92046-0.92354. This is a very important area, one which if a positive daily close below is seen would effectively mean price has broken out of the weekly consolidation area as well (for levels, see above), and lower prices would then be expected down to at least the daily R/S flip level below at 0.91323.
Following on from the last analysis, a spike above the high (0.92815) formed on the 8/8/14 at 0.92860 likely consumed most of the sellers in and around this area. We then reported price would likely drop south for the two following reasons:
1. Stop out any traders who were originally long, and have no doubt set their stops at breakeven.
2. Give pro money more liquidity for a further push up. So any sellers already short may want to consider exiting around the aforementioned 4hr decision-point level below, likewise any traders long should have taken some partial profits around the 0.92815 level.
We have an active buy order set just above the 4hr decision-point level (0.92384) at 0.92417, take note of where we are on the higher-timeframe picture (trading near the lower limits of the weekly consolidation at the 0.92046 zone, and have just seen a reaction off of a daily demand area around the 0.92354 level), we naturally are still expecting higher prices up to at least the round number 0.93, even though price is seen consolidating for now.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above the 4hr decision-point level (0.92384) at 0.92417 is now active. Our first take-profit level has already been hit at 0.92815, so do keep an eye on our second take-profit level set at the round number 0.93.
• No P.A confirmation buy orders (Red line) are seen in the current environment.
• No pending sell orders (Green line) are seen in the current environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.92417 (Active) (SL: 0.92228 TP: [1] 0.92815 [2] 0.93 [3] 0.93728). P.A.C: No P.A confirmation buy orders seen in the current market environment.
• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: No P.A confirmation sell orders seen in the current market environment.
The higher-timeframe picture resembles the following:
• Weekly TF: Price is still seen in a consolidation with the upper limits at 0.94600 and the lower around the 0.92046 area. The sellers have recently pushed price south, as a result price is now trading around the aforementioned lower limits, could we see a close below this week? Things would get interesting then, as this could likely force a push down to around the weekly support level at 0.89134.
• Daily TF: A beautiful to-the-pip reaction happened around daily demand at 0.92046-0.92354. This is a very important area, one which if a positive daily close below is seen would effectively mean price has broken out of the weekly consolidation area as well (for levels, see above), and lower prices would then be expected down to at least the daily R/S flip level below at 0.91323.
Following on from the last analysis, a spike above the high (0.92815) formed on the 8/8/14 at 0.92860 likely consumed most of the sellers in and around this area. We then reported price would likely drop south for the two following reasons:
1. Stop out any traders who were originally long, and have no doubt set their stops at breakeven.
2. Give pro money more liquidity for a further push up. So any sellers already short may want to consider exiting around the aforementioned 4hr decision-point level below, likewise any traders long should have taken some partial profits around the 0.92815 level.
We have an active buy order set just above the 4hr decision-point level (0.92384) at 0.92417, take note of where we are on the higher-timeframe picture (trading near the lower limits of the weekly consolidation at the 0.92046 zone, and have just seen a reaction off of a daily demand area around the 0.92354 level), we naturally are still expecting higher prices up to at least the round number 0.93, even though price is seen consolidating for now.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above the 4hr decision-point level (0.92384) at 0.92417 is now active. Our first take-profit level has already been hit at 0.92815, so do keep an eye on our second take-profit level set at the round number 0.93.
• No P.A confirmation buy orders (Red line) are seen in the current environment.
• No pending sell orders (Green line) are seen in the current environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.92417 (Active) (SL: 0.92228 TP: [1] 0.92815 [2] 0.93 [3] 0.93728). P.A.C: No P.A confirmation buy orders seen in the current market environment.
• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: No P.A confirmation sell orders seen in the current market environment.
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