0.71 support, anyone?
AUD/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June and July’s follow-through has seen supply at 0.7029/0.6664, and intersecting long-term trendline resistance (1.0582), give way in recent trading. Technically, this may liberate buyers to as far north as 0.8303/0.8082, a supply zone that aligns closely with trendline resistance (prior support - 0.4776).
Despite this, the market’s primary trend points south, demonstrating a series of lower lows and lower highs since mid-2011.
Daily timeframe:
Since ousting resistance at 0.6931 the level has been featured as support, with price, thanks to robust upside yesterday, now on course to tackle 0.7197 resistance.
In terms of the RSI oscillator, the value recently entered overbought territory.
H4 timeframe:
Tuesday, as you can see, welcomed supply at 0.7158/0.7137, an area extended from April 2019. Rotating from this area today shines light on 0.7102/0.7084, a supply-turned demand zone, with a break unmasking demand at 0.7015/0.7035 (notable decision point to break the 0.7064 high [June 10]).
H1 timeframe:
Tuesday’s decisive advance sailed through 0.7050 resistance and also the 0.71 level, reaching levels just shy of 0.7150 resistance. Traders will note the RSI value also reached as far north as 93.00.
Lacking active demand, price action traders will likely be watching for 0.7150 or 0.71 to make an appearance today.
Structures of Interest:
Having noted monthly price climbing through supply at 0.7029/0.6664 and daily price exhibiting scope to press towards 0.7197 resistance, as well as the immediate trend pointing northbound, H4 supply at 0.7158/0.7137 may struggle.
Nevertheless, a mild response out of the aforesaid H4 supply could be sufficient enough to draw in 0.71 support on the H1 for a possible retest (merges with H4 demand at 0.7102/0.7084), in line with direction on monthly and daily timeframes.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June and July’s follow-through has seen supply at 0.7029/0.6664, and intersecting long-term trendline resistance (1.0582), give way in recent trading. Technically, this may liberate buyers to as far north as 0.8303/0.8082, a supply zone that aligns closely with trendline resistance (prior support - 0.4776).
Despite this, the market’s primary trend points south, demonstrating a series of lower lows and lower highs since mid-2011.
Daily timeframe:
Since ousting resistance at 0.6931 the level has been featured as support, with price, thanks to robust upside yesterday, now on course to tackle 0.7197 resistance.
In terms of the RSI oscillator, the value recently entered overbought territory.
H4 timeframe:
Tuesday, as you can see, welcomed supply at 0.7158/0.7137, an area extended from April 2019. Rotating from this area today shines light on 0.7102/0.7084, a supply-turned demand zone, with a break unmasking demand at 0.7015/0.7035 (notable decision point to break the 0.7064 high [June 10]).
H1 timeframe:
Tuesday’s decisive advance sailed through 0.7050 resistance and also the 0.71 level, reaching levels just shy of 0.7150 resistance. Traders will note the RSI value also reached as far north as 93.00.
Lacking active demand, price action traders will likely be watching for 0.7150 or 0.71 to make an appearance today.
Structures of Interest:
Having noted monthly price climbing through supply at 0.7029/0.6664 and daily price exhibiting scope to press towards 0.7197 resistance, as well as the immediate trend pointing northbound, H4 supply at 0.7158/0.7137 may struggle.
Nevertheless, a mild response out of the aforesaid H4 supply could be sufficient enough to draw in 0.71 support on the H1 for a possible retest (merges with H4 demand at 0.7102/0.7084), in line with direction on monthly and daily timeframes.
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