Potential shorting opportunity off 0.6807-0.6824
AUD/USD:
Thursday witnessed accelerated downside emerge in the early hours of trade following the release of Australian job’s data. The unemployment rate ticked higher to 5.3% in August compared to the previous month's reading of 5.2%. The AUD/USD maintained an offered tone into London’s open, with price turning higher and whipsawing through 0.68 to the underside of 0.6807-0.6824, a demand-turned resistance area plotted on the H4 timeframe. Interestingly, the retest of the said area formed by way of a bearish outside setting, which is perhaps sufficient enough to prompt further selling today towards trend line resistance-turned support (extended from the high 0.6818).
Against the backdrop of H4 flow, weekly price, thanks to recent selling, is now stationed a touch beneath support at 0.6828, with continued downside possibly eyeing 0.6677, the YTD low. In terms of daily action, we crossed through support at 0.6833 in reasonably strong fashion yesterday, exposing space for a run to support at 0.6733.
Areas of consideration:
Keeping things simple this morning, all three timeframes analysed portend a move lower, with shorts based off the H4 bearish outside pattern formed from the underside of a demand-turned resistance area at 0.6807-0.6824. As for downside targets, either the H4 trend line resistance-turned support or daily support at 0.6733 offers a logical starting point, whichever hits first.
Thursday witnessed accelerated downside emerge in the early hours of trade following the release of Australian job’s data. The unemployment rate ticked higher to 5.3% in August compared to the previous month's reading of 5.2%. The AUD/USD maintained an offered tone into London’s open, with price turning higher and whipsawing through 0.68 to the underside of 0.6807-0.6824, a demand-turned resistance area plotted on the H4 timeframe. Interestingly, the retest of the said area formed by way of a bearish outside setting, which is perhaps sufficient enough to prompt further selling today towards trend line resistance-turned support (extended from the high 0.6818).
Against the backdrop of H4 flow, weekly price, thanks to recent selling, is now stationed a touch beneath support at 0.6828, with continued downside possibly eyeing 0.6677, the YTD low. In terms of daily action, we crossed through support at 0.6833 in reasonably strong fashion yesterday, exposing space for a run to support at 0.6733.
Areas of consideration:
Keeping things simple this morning, all three timeframes analysed portend a move lower, with shorts based off the H4 bearish outside pattern formed from the underside of a demand-turned resistance area at 0.6807-0.6824. As for downside targets, either the H4 trend line resistance-turned support or daily support at 0.6733 offers a logical starting point, whichever hits first.
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