Sell into H4 and H1 demands or buy into higher-timeframe flow?
AUD/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension and June’s rally so far has placed monthly supply at 0.7029/0.6664 in sight. What’s also notable here is within the supply area’s walls a long-term trendline resistance (1.0582) is in motion.
Regarding the market’s primary trend, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis –
Buyers and sellers on the daily timeframe have been squaring off between two trendline resistances (prior supports – 0.6744/0.6671) along with supply at 0.7059/0.7031 and support from 0.6931 since late last week.
Thursday directed AUD/USD through support at 0.6931, fuelling the possibility of a drop to another support pencilled in at 0.6755.
Indicator-based traders will note the RSI oscillator dipped from peaks at 80.00 and recently exited overbought territory. It may also interest traders to note the 200-day simple moving average at 0.6663 is in the process of flattening following months of drifting lower.
H4 timeframe:
Partially altered from previous analysis –
0.7046/0.7036 made its debut at the beginning of the week as supply and certainly proved its worth.
Thursday put forward losses of more than 2.00%, extending south of multi-month peaks at 0.7064 and booking into demand at 0.6827/0.6858 (prior supply). It should be noted this area also joins closely with another demand at 0.6773/0.6814, accompanied alongside a trendline support (0.6402) and a 38.2% Fib ret level at 0.6808.
H1 timeframe:
Downbeat risk sentiment witnessed AUD/USD reclaim 0.69 to the downside Thursday and cross paths with demand at 0.6841/0.6867, an area joining with the 0.6850 line. Below we have another demand on the radar at 0.6788/0.6812, housing 0.68.
RSI action also recently nosedived into oversold levels, testing lows of 20.00.
Structures of Interest:
Monthly supply/trendline resistance, coupled with daily price crossing under support at 0.6931, deserves notice as an indication of further selling.
This may weigh on upside attempts out of H4 and H1 demands today, shifting intraday traders into a precarious situation: sell into H4 and H1 demands or buy into higher-timeframe direction.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension and June’s rally so far has placed monthly supply at 0.7029/0.6664 in sight. What’s also notable here is within the supply area’s walls a long-term trendline resistance (1.0582) is in motion.
Regarding the market’s primary trend, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis –
Buyers and sellers on the daily timeframe have been squaring off between two trendline resistances (prior supports – 0.6744/0.6671) along with supply at 0.7059/0.7031 and support from 0.6931 since late last week.
Thursday directed AUD/USD through support at 0.6931, fuelling the possibility of a drop to another support pencilled in at 0.6755.
Indicator-based traders will note the RSI oscillator dipped from peaks at 80.00 and recently exited overbought territory. It may also interest traders to note the 200-day simple moving average at 0.6663 is in the process of flattening following months of drifting lower.
H4 timeframe:
Partially altered from previous analysis –
0.7046/0.7036 made its debut at the beginning of the week as supply and certainly proved its worth.
Thursday put forward losses of more than 2.00%, extending south of multi-month peaks at 0.7064 and booking into demand at 0.6827/0.6858 (prior supply). It should be noted this area also joins closely with another demand at 0.6773/0.6814, accompanied alongside a trendline support (0.6402) and a 38.2% Fib ret level at 0.6808.
H1 timeframe:
Downbeat risk sentiment witnessed AUD/USD reclaim 0.69 to the downside Thursday and cross paths with demand at 0.6841/0.6867, an area joining with the 0.6850 line. Below we have another demand on the radar at 0.6788/0.6812, housing 0.68.
RSI action also recently nosedived into oversold levels, testing lows of 20.00.
Structures of Interest:
Monthly supply/trendline resistance, coupled with daily price crossing under support at 0.6931, deserves notice as an indication of further selling.
This may weigh on upside attempts out of H4 and H1 demands today, shifting intraday traders into a precarious situation: sell into H4 and H1 demands or buy into higher-timeframe direction.
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