Well done to those who managed to short 0.72...
AUD/USD:
The Australian dollar yielded ground to its US counterpart Monday once price shook hands with its 0.72 handle. For traders who read Monday’s briefing you may recall the piece highlighted 0.72 as a number likely on the radar for many sellers this week.
The ingredients behind 0.72 as a sell zone are down to the following:
• Converges with a local H4 trend line resistance (etched from the high 0.7235).
• H4 RSI divergence.
• 0.72 represents weekly resistance in the shape of the 2017 yearly opening level at 0.7199.
• 0.72 is tucked within the limits of daily supply notched up at 0.7246-0.7178.
As is evident from the above, there was plenty of confluence supporting a short from 0.72. The H4 candles even presented additional candlestick confirmation by way of a mild bearish pin-bar pattern. With the first take-profit target eyed at H4 support drawn from 0.7146, well done to any of our readers who managed to sell this market.
Areas of consideration:
Assuming our analysis is precise and the unit continues to discover lower levels, a H4 close beyond the current H4 support could be on the cards, targeting a move towards at least the 0.71 handle, followed closely by November’s opening level at 0.7082.
With this in mind, traders might want to pencil in a possible intraday short play sub 0.7146 today. A H4 close below this number followed up with a retest as resistance (preferably forming a lower-timeframe bearish candlestick pattern as this will help provide entry/stop parameters) would, given the overall picture of the market right now, likely be sufficient enough to draw in further sellers and push lower.
Today’s data points: US CB Consumer Confidence.
The Australian dollar yielded ground to its US counterpart Monday once price shook hands with its 0.72 handle. For traders who read Monday’s briefing you may recall the piece highlighted 0.72 as a number likely on the radar for many sellers this week.
The ingredients behind 0.72 as a sell zone are down to the following:
• Converges with a local H4 trend line resistance (etched from the high 0.7235).
• H4 RSI divergence.
• 0.72 represents weekly resistance in the shape of the 2017 yearly opening level at 0.7199.
• 0.72 is tucked within the limits of daily supply notched up at 0.7246-0.7178.
As is evident from the above, there was plenty of confluence supporting a short from 0.72. The H4 candles even presented additional candlestick confirmation by way of a mild bearish pin-bar pattern. With the first take-profit target eyed at H4 support drawn from 0.7146, well done to any of our readers who managed to sell this market.
Areas of consideration:
Assuming our analysis is precise and the unit continues to discover lower levels, a H4 close beyond the current H4 support could be on the cards, targeting a move towards at least the 0.71 handle, followed closely by November’s opening level at 0.7082.
With this in mind, traders might want to pencil in a possible intraday short play sub 0.7146 today. A H4 close below this number followed up with a retest as resistance (preferably forming a lower-timeframe bearish candlestick pattern as this will help provide entry/stop parameters) would, given the overall picture of the market right now, likely be sufficient enough to draw in further sellers and push lower.
Today’s data points: US CB Consumer Confidence.
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