0.64 may offer support today, traders...
AUD/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Overwhelmed by the effects of the coronavirus pandemic, the month of March scored seventeen-year lows at 0.5506 ahead of demand pencilled in from 0.5219/0.5426, before staging an impressive recovery.
April’s 370-pip advance has, as you can see, landed May within striking distance of supply fixed at 0.7029/0.6664, an area intersecting with a long-term trendline resistance (1.0582).
Regarding the market’s primary trend, a downtrend has been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis -
Since addressing supply at 0.6618/0.6544 Friday, the daily candles have been languishing south of the said zone. It should also be emphasised the current supply area comes with a 127.2% Fib ext. level at 0.6578 and a nearby 161.8% Fib ext. level at 0.6642. Traders may include the 200-day simple moving average (SMA) here seen around 0.6667.
Despite sellers attempting to make a show off current supply, the fact we failed to print fresh lows out of this zone at the end of April, as well as price action forming a series of higher highs/lows since testing 0.5506, may fuel buyers.
H4 timeframe:
Brought forward from previous analysis -
Demand at 0.6356/0.6384 along with supply formed from 0.6581/0.6545 remain dominant fixtures on the H4 timeframe. Technically, the aforementioned demand is encased within 0.6351/0.6395, an area made up of 161.8% and 127.2% Fib ext. levels. Fibonacci followers will also note a 61.8% Fib level resides within the said demand at 0.6373.
H1 timeframe:
As the US dollar index voyaged back above 100.00, a wave of intraday selling unfolded after whipsawing through buy-stop liquidity above 0.65. Heading into Thursday’s session, buyers and sellers are seen squaring off around 0.6450. Risk of further decline is high, with demand at 0.6411/0.6423 on the radar and the 0.64 handle which aligns with trendline support (0.6372).
Structures of Interest:
Additional selling today is likely to overwhelm buyers at H1 demand from 0.6411/0.6423, in favour of the more appealing 0.64 handle.
0.64 not only joins closely with H1 trendline support, the psychological boundary also merges closely with the 127.2% Fib ext. level at 0.6395 on the H4 timeframe.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Overwhelmed by the effects of the coronavirus pandemic, the month of March scored seventeen-year lows at 0.5506 ahead of demand pencilled in from 0.5219/0.5426, before staging an impressive recovery.
April’s 370-pip advance has, as you can see, landed May within striking distance of supply fixed at 0.7029/0.6664, an area intersecting with a long-term trendline resistance (1.0582).
Regarding the market’s primary trend, a downtrend has been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis -
Since addressing supply at 0.6618/0.6544 Friday, the daily candles have been languishing south of the said zone. It should also be emphasised the current supply area comes with a 127.2% Fib ext. level at 0.6578 and a nearby 161.8% Fib ext. level at 0.6642. Traders may include the 200-day simple moving average (SMA) here seen around 0.6667.
Despite sellers attempting to make a show off current supply, the fact we failed to print fresh lows out of this zone at the end of April, as well as price action forming a series of higher highs/lows since testing 0.5506, may fuel buyers.
H4 timeframe:
Brought forward from previous analysis -
Demand at 0.6356/0.6384 along with supply formed from 0.6581/0.6545 remain dominant fixtures on the H4 timeframe. Technically, the aforementioned demand is encased within 0.6351/0.6395, an area made up of 161.8% and 127.2% Fib ext. levels. Fibonacci followers will also note a 61.8% Fib level resides within the said demand at 0.6373.
H1 timeframe:
As the US dollar index voyaged back above 100.00, a wave of intraday selling unfolded after whipsawing through buy-stop liquidity above 0.65. Heading into Thursday’s session, buyers and sellers are seen squaring off around 0.6450. Risk of further decline is high, with demand at 0.6411/0.6423 on the radar and the 0.64 handle which aligns with trendline support (0.6372).
Structures of Interest:
Additional selling today is likely to overwhelm buyers at H1 demand from 0.6411/0.6423, in favour of the more appealing 0.64 handle.
0.64 not only joins closely with H1 trendline support, the psychological boundary also merges closely with the 127.2% Fib ext. level at 0.6395 on the H4 timeframe.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.