AUD/USD: Technical outlook and review.
4hr TF.
The higher-timeframe picture resembles the following:
• The weekly timeframe is still depicting consolidating price action with the upper limits being seen at 0.94600 and the lower at 0.92046.
• Buyers and sellers have been trading within a small range on the daily timeframe, daily supply being seen above at 0.95425-0.94852 and a low below at 0.93208. Once we see a break of either of these areas, we will likely have more idea on possible short-term direction.
Following on from the last analysis, we thought price may drop down to at least the 0.93348-0.93500 area, but as we can see this just did not happen.
A quick ‘two-candle’ spike was sent north through the round number 0.94000, price then consolidated, and then shot north straight to the 4hr decision-point level at 0.94408 where price is currently seen trading at the moment. If we see the buyers positively close above the high marked with a green flag at 0.94550, we may look to trade the retest up to at least the round number 0.95000 or 4hr supply just above at 0.95425-0.95096. We will be watching price action very closely on this pair for the time being.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above demand (0.93208-0.93417) at 0.93512 has been cancelled, for the time being price has rallied too far from the entry level.
• New pending buy orders (Green line) are seen just above a decision point area (0.93795-0.93945) at 0.93967. The reasoning behind setting a pending buy order here is simply because the aforementioned decision point area is where pro money buyers (on this timeframe) likely made the decision to push prices higher to the 4hr decision point level at 0.94408, with the possibility of unfilled buy orders still lurking there.
• P.A confirmation buy orders (Red line) are seen just above the decision point level (0.92566-0.92736) at 0.92775. The reason for placing a P.A confirmation buy order here rather than pending buy order is simply because we were trading just above a daily demand ‘buy zone’ at 0.92046-0.92354, meaning pro money could very well just ignore this level completely and trade deeper into the aforementioned daily demand area, so, confirmation is the order of the day!
• Pending sell orders (Green line) are seen just below supply (0.95425-0.95096) at 0.95052. A pending sell order is placed here due to this being an area where pro money was interested in before; see how close price came to the supply area? (Levels above), this indicates possible strong supply (selling pressure), so the next time price visits we can expect some sort of reaction.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.93967 (SL: 0.93773 TP: Dependent on price approach). P.A.C: 0.92775 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: 0.95052 (SL: 0.95467 TP: Depending on price approach) P.A.C: No P.A confirmation sell orders seen in the current market environment.
The higher-timeframe picture resembles the following:
• The weekly timeframe is still depicting consolidating price action with the upper limits being seen at 0.94600 and the lower at 0.92046.
• Buyers and sellers have been trading within a small range on the daily timeframe, daily supply being seen above at 0.95425-0.94852 and a low below at 0.93208. Once we see a break of either of these areas, we will likely have more idea on possible short-term direction.
Following on from the last analysis, we thought price may drop down to at least the 0.93348-0.93500 area, but as we can see this just did not happen.
A quick ‘two-candle’ spike was sent north through the round number 0.94000, price then consolidated, and then shot north straight to the 4hr decision-point level at 0.94408 where price is currently seen trading at the moment. If we see the buyers positively close above the high marked with a green flag at 0.94550, we may look to trade the retest up to at least the round number 0.95000 or 4hr supply just above at 0.95425-0.95096. We will be watching price action very closely on this pair for the time being.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above demand (0.93208-0.93417) at 0.93512 has been cancelled, for the time being price has rallied too far from the entry level.
• New pending buy orders (Green line) are seen just above a decision point area (0.93795-0.93945) at 0.93967. The reasoning behind setting a pending buy order here is simply because the aforementioned decision point area is where pro money buyers (on this timeframe) likely made the decision to push prices higher to the 4hr decision point level at 0.94408, with the possibility of unfilled buy orders still lurking there.
• P.A confirmation buy orders (Red line) are seen just above the decision point level (0.92566-0.92736) at 0.92775. The reason for placing a P.A confirmation buy order here rather than pending buy order is simply because we were trading just above a daily demand ‘buy zone’ at 0.92046-0.92354, meaning pro money could very well just ignore this level completely and trade deeper into the aforementioned daily demand area, so, confirmation is the order of the day!
• Pending sell orders (Green line) are seen just below supply (0.95425-0.95096) at 0.95052. A pending sell order is placed here due to this being an area where pro money was interested in before; see how close price came to the supply area? (Levels above), this indicates possible strong supply (selling pressure), so the next time price visits we can expect some sort of reaction.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.93967 (SL: 0.93773 TP: Dependent on price approach). P.A.C: 0.92775 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: 0.95052 (SL: 0.95467 TP: Depending on price approach) P.A.C: No P.A confirmation sell orders seen in the current market environment.
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