Against the backdrop of higher-timeframe flow, 0.70 is in view
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 impressive early rally has, as you can see, placed monthly price around the upper limit of supply at 0.7029/0.6664. What’s also notable here is within the supply area’s walls a long-term trendline resistance (1.0582) was recently penetrated, suggesting buyers may still have the advantage.
Regarding the market’s primary trend, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
By way of an outside bearish day, trade snapped an eight-day winning streak Tuesday, technically reinforced by trendline resistance (0.6671) and supply from 0.7059/0.7031.
The biggest challenge for sellers right now is overcoming support at 0.6931, which was also brought into the fold yesterday. Breaching the aforesaid level may fuel a drop to another support pencilled in at 0.6755.
Indicator-based traders will note the RSI oscillator dipping from peaks at 80.00, perhaps exiting overbought territory today. It may also interest traders to note the 200-day simple moving average at 0.6661 is in the process of flattening following months of drifting lower.
H4 timeframe:
After brushing aside supply from 0.7003/0.6983, 0.7046/0.7036 made its debut as supply Tuesday.
In spite of price clawing back a portion of earlier losses, demand at 0.6827/0.6858 (prior supply) is now on the hit list as the next potential floor on this timeframe. Note this area also joins closely with trendline support (0.6402).
H1 timeframe:
The Australian dollar weakened amid risk aversion Tuesday, nosediving into orders at 0.69 heading into London and climbing above the 100-period simple moving average and testing trendline resistance (prior support – 0.6856) going into US trade.
Above the trendline resistance re-opens the risk of a return to the widely watched 0.70 figure, which happens to unite with another trendline resistance (support – 0.6930).
RSI action recently dipped a toe in oversold waters and is now attempting to topple its 50.00 mid-way point.
Structures of Interest:
Monthly supply at 0.7029/0.6664 remains in the fight, though the break of the associated trendline resistance indicates possible bullish follow-through. Lower on the curve, nonetheless, shows daily price gripping trendline resistance and supply at 0.7059/0.7031, which could, given a daily close under support at 0.6931, witness sellers re-enter the frame.
Against the backdrop of higher-timeframe flow, intraday has 0.70 in sight as feasible resistance today, as well as its converging trendline resistances. Whether 0.70 is enough to hold price action lower and force a daily close under 0.6931, however, is difficult to judge at this point.
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 impressive early rally has, as you can see, placed monthly price around the upper limit of supply at 0.7029/0.6664. What’s also notable here is within the supply area’s walls a long-term trendline resistance (1.0582) was recently penetrated, suggesting buyers may still have the advantage.
Regarding the market’s primary trend, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
By way of an outside bearish day, trade snapped an eight-day winning streak Tuesday, technically reinforced by trendline resistance (0.6671) and supply from 0.7059/0.7031.
The biggest challenge for sellers right now is overcoming support at 0.6931, which was also brought into the fold yesterday. Breaching the aforesaid level may fuel a drop to another support pencilled in at 0.6755.
Indicator-based traders will note the RSI oscillator dipping from peaks at 80.00, perhaps exiting overbought territory today. It may also interest traders to note the 200-day simple moving average at 0.6661 is in the process of flattening following months of drifting lower.
H4 timeframe:
After brushing aside supply from 0.7003/0.6983, 0.7046/0.7036 made its debut as supply Tuesday.
In spite of price clawing back a portion of earlier losses, demand at 0.6827/0.6858 (prior supply) is now on the hit list as the next potential floor on this timeframe. Note this area also joins closely with trendline support (0.6402).
H1 timeframe:
The Australian dollar weakened amid risk aversion Tuesday, nosediving into orders at 0.69 heading into London and climbing above the 100-period simple moving average and testing trendline resistance (prior support – 0.6856) going into US trade.
Above the trendline resistance re-opens the risk of a return to the widely watched 0.70 figure, which happens to unite with another trendline resistance (support – 0.6930).
RSI action recently dipped a toe in oversold waters and is now attempting to topple its 50.00 mid-way point.
Structures of Interest:
Monthly supply at 0.7029/0.6664 remains in the fight, though the break of the associated trendline resistance indicates possible bullish follow-through. Lower on the curve, nonetheless, shows daily price gripping trendline resistance and supply at 0.7059/0.7031, which could, given a daily close under support at 0.6931, witness sellers re-enter the frame.
Against the backdrop of higher-timeframe flow, intraday has 0.70 in sight as feasible resistance today, as well as its converging trendline resistances. Whether 0.70 is enough to hold price action lower and force a daily close under 0.6931, however, is difficult to judge at this point.
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