Retest at H1 supply from 0.6999/0.6983?
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’s follow-through, has supply at 0.7029/0.6664 echoing a vulnerable tone in July, particularly as intersecting long-term trendline resistance (1.0582) currently demonstrates signs of weakening.
Regarding the market’s primary trend, however, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis -
AUD/USD ousted resistance at 0.6931 in recent moves, with the latter now featured as support.
The break to the upside shifted focus towards two nearby trendline resistances (prior supports – 0.6744/0.6671), levels coming within touching distance on Wednesday. Thursday, as you can see, curved southbound and snapped a two-day winning streak, placing attention back on 0.6931.
Moves under 0.6931 has support at 0.6755 in sight, positioned ahead of the 200-day simple moving average at 0.6679.
H4 timeframe:
Wednesday, as you can see, engaged supply at 0.7058/0.7029, an active zone since the beginning of the year.
With buyers taking a step back, sellers appear to be working towards support at 0.6926, which happens to intersect with trendline support (0.6776). Traders will note the aforesaid support also forms a close connection to daily support at 0.6931.
H1 timeframe:
Thursday, following a whipsaw above 0.70, dropped through the 100-period simple moving average, shining light on 0.6950 support.
Yesterday also left behind a supply zone at 0.6999/0.6983.
Structures of Interest:
While monthly price reveals the possibility of added upside, daily, H4 and H1 timeframes are tipped for more under performance until reconnecting with at least 0.6950 support on the H1 and daily support at 0.6931.
As a result, a retest at H1 supply from 0.6999/0.6983 could come to realisation today and provide intraday sellers an entry point into the market.
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June’s follow-through, has supply at 0.7029/0.6664 echoing a vulnerable tone in July, particularly as intersecting long-term trendline resistance (1.0582) currently demonstrates signs of weakening.
Regarding the market’s primary trend, however, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis -
AUD/USD ousted resistance at 0.6931 in recent moves, with the latter now featured as support.
The break to the upside shifted focus towards two nearby trendline resistances (prior supports – 0.6744/0.6671), levels coming within touching distance on Wednesday. Thursday, as you can see, curved southbound and snapped a two-day winning streak, placing attention back on 0.6931.
Moves under 0.6931 has support at 0.6755 in sight, positioned ahead of the 200-day simple moving average at 0.6679.
H4 timeframe:
Wednesday, as you can see, engaged supply at 0.7058/0.7029, an active zone since the beginning of the year.
With buyers taking a step back, sellers appear to be working towards support at 0.6926, which happens to intersect with trendline support (0.6776). Traders will note the aforesaid support also forms a close connection to daily support at 0.6931.
H1 timeframe:
Thursday, following a whipsaw above 0.70, dropped through the 100-period simple moving average, shining light on 0.6950 support.
Yesterday also left behind a supply zone at 0.6999/0.6983.
Structures of Interest:
While monthly price reveals the possibility of added upside, daily, H4 and H1 timeframes are tipped for more under performance until reconnecting with at least 0.6950 support on the H1 and daily support at 0.6931.
As a result, a retest at H1 supply from 0.6999/0.6983 could come to realisation today and provide intraday sellers an entry point into the market.
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