AUD/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension and June’s early rally has, as you can see, landed monthly flow within the parapets 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 series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Elevated on the back of risk-on movement, supply at 0.6883/0.6824 put up little fight Tuesday. Price is now geared towards resistance at 0.6931.
As a reminder, upside recently crossed above the 200-day simple moving average at 0.6656, generally regarded as a bullish signal, and simultaneously hauled the RSI oscillator into overbought territory.
H4 timeframe:
The absence of offers produced a nice-looking demand area at 0.6773/0.6814 yesterday. This base may be challenged today should we witness supply at 0.6910/0.6884 put a lid on gains.
H1 timeframe:
Following a short-lived retest at 0.6850, buyers regained footing and are seen climbing to 0.69, pulling the RSI momentum indicator into overbought waters and forming bearish divergence.
Breaching 0.69 today unmasks supply positioned nearby at 0.6939/0.6926, extended from early January 2020.
Structures of Interest:
With monthly trendline resistance expected to make a show at approximately 0.6928, and daily resistance haunting the 0.6931 region, a whipsaw through 0.69 to H1 supply at 0.6939/0.6926 could be on the menu for possible bearish scenarios. A H1 close back beneath 0.69 will likely add conviction, with an intraday target resting at 0.6850.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension and June’s early rally has, as you can see, landed monthly flow within the parapets 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 series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Elevated on the back of risk-on movement, supply at 0.6883/0.6824 put up little fight Tuesday. Price is now geared towards resistance at 0.6931.
As a reminder, upside recently crossed above the 200-day simple moving average at 0.6656, generally regarded as a bullish signal, and simultaneously hauled the RSI oscillator into overbought territory.
H4 timeframe:
The absence of offers produced a nice-looking demand area at 0.6773/0.6814 yesterday. This base may be challenged today should we witness supply at 0.6910/0.6884 put a lid on gains.
H1 timeframe:
Following a short-lived retest at 0.6850, buyers regained footing and are seen climbing to 0.69, pulling the RSI momentum indicator into overbought waters and forming bearish divergence.
Breaching 0.69 today unmasks supply positioned nearby at 0.6939/0.6926, extended from early January 2020.
Structures of Interest:
With monthly trendline resistance expected to make a show at approximately 0.6928, and daily resistance haunting the 0.6931 region, a whipsaw through 0.69 to H1 supply at 0.6939/0.6926 could be on the menu for possible bearish scenarios. A H1 close back beneath 0.69 will likely add conviction, with an intraday target resting at 0.6850.