Our take on the Aussie this morning...
Starting from the top this morning, the Aussie currency continues to remain afloat above the weekly demand base drawn from 0.7438-0.7315. The next upside target from this area is seen at 0.7604 – a battle-tested weekly resistance barrier. Sliding down into the daily chart, however, one can see that price has spent the week fluctuating around daily demand painted at 0.7517-0.7451. Just like the weekly timeframe, the next upside target from this daily zone is also the aforementioned weekly resistance line, whilst to the downside, daily support at 0.7334 would likely be the next target to reach.
Over on the H4 chart, we can see that the pair dove lower from H4 supply at 0.7544-0.7534, consequently closing the day around 0.7477. Right now, the only area that tickles our fancy is the 0.74 handle. It merges beautifully with a H4 Fib support line at 0.7407 and also a H4 channel support line extended from the low 0.7148 (green circle). This area also sits within the above said weekly demand and just below the current daily demand.
Our suggestions: We would, given the confluence seen around 0.74, usually look to enter at market from here. However, given that volatility is likely to increase later on today as the NFP takes the stage, we would only consider this buy area valid with the backing of a lower timeframe buy signal. This could be in the form of an engulf through supply followed by a retest, a trendline break/retest or simply a collection of well-define buying tails around the 0.74 region. Stops are usually placed 5-10 pips beyond confirming structures.
Over on the H4 chart, we can see that the pair dove lower from H4 supply at 0.7544-0.7534, consequently closing the day around 0.7477. Right now, the only area that tickles our fancy is the 0.74 handle. It merges beautifully with a H4 Fib support line at 0.7407 and also a H4 channel support line extended from the low 0.7148 (green circle). This area also sits within the above said weekly demand and just below the current daily demand.
Our suggestions: We would, given the confluence seen around 0.74, usually look to enter at market from here. However, given that volatility is likely to increase later on today as the NFP takes the stage, we would only consider this buy area valid with the backing of a lower timeframe buy signal. This could be in the form of an engulf through supply followed by a retest, a trendline break/retest or simply a collection of well-define buying tails around the 0.74 region. Stops are usually placed 5-10 pips beyond confirming structures.
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