0.75 boasts incredible confluence for a long...
The AUD/USD suffered further losses on Thursday amid a strong dollar across the board. As can be seen from the H4 timeframe, the pair is currently lurking a few pips ahead of the 0.75 handle. As highlighted in previous reports, the 0.75 handle is an area that continues to stand out. Here’s why:
• On the weekly timeframe, the weekly channel support extended from the low 0.6827 is interesting as it merges with a weekly 50.0% value at 0.7475 taken from the high 0.8125 and a nice-looking weekly AB=CD see black arrows 161.8% Fib ext. point situated at 0.7496.
• Down on the daily timeframe, the next OBVIOUS base of support does not come into view until 0.7505. The history this level boasts is incredible!
Direction:
• Long: The 0.75 handle is considered a strong buy zone given the higher-timeframe confluence surrounding the line. In order to avoid any whipsaw that may be seen through 0.75 and considering that there are likely higher-timeframe players involved here, a larger-than-usual stop may be required. Beyond the 0.7457 low seen back on the 06/06/17 (H4 timeframe) could be an option for stop-loss placement.
• Short: It’d be very risky to short into current structure, despite the downtrend in play right now!
Data points to consider: Au. home loans m/m at 12.30am; Chinese trade balance at 2am; US employment figures at 1.30pm; US prelim UoM consumer sentiment at 3pm GMT.
Areas worthy of attention:
Supports: 0.75 handle; weekly channel support extended from the low 0.6827; 07505; 0.7475; weekly AB=CD 161.8% Fib ext. point situated at 0.7496.
Resistances: 0.7555; 0.7536.
• On the weekly timeframe, the weekly channel support extended from the low 0.6827 is interesting as it merges with a weekly 50.0% value at 0.7475 taken from the high 0.8125 and a nice-looking weekly AB=CD see black arrows 161.8% Fib ext. point situated at 0.7496.
• Down on the daily timeframe, the next OBVIOUS base of support does not come into view until 0.7505. The history this level boasts is incredible!
Direction:
• Long: The 0.75 handle is considered a strong buy zone given the higher-timeframe confluence surrounding the line. In order to avoid any whipsaw that may be seen through 0.75 and considering that there are likely higher-timeframe players involved here, a larger-than-usual stop may be required. Beyond the 0.7457 low seen back on the 06/06/17 (H4 timeframe) could be an option for stop-loss placement.
• Short: It’d be very risky to short into current structure, despite the downtrend in play right now!
Data points to consider: Au. home loans m/m at 12.30am; Chinese trade balance at 2am; US employment figures at 1.30pm; US prelim UoM consumer sentiment at 3pm GMT.
Areas worthy of attention:
Supports: 0.75 handle; weekly channel support extended from the low 0.6827; 07505; 0.7475; weekly AB=CD 161.8% Fib ext. point situated at 0.7496.
Resistances: 0.7555; 0.7536.
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