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. The recovery move reclaimed more than 60% of the month’s losses, drawing the pair to within reasonably close proximity of supply fixed at 0.7029/0.6664, intersecting with a long-term trendline resistance (1.0582).
With reference to the market’s primary trend, a downtrend has been present since mid-2011.
Daily timeframe:
In parallel with the RSI indicator addressing 50.00, currently trading around 53.00, AUD/USD registered its third successive daily gain Wednesday and clocked three-week tops at 0.6245. Notably, though, the pair faces a demand-turned supply at 0.6330/0.6245, joined with a 50% retracement level at 0.6271, after recovering from 0.5926/0.6062.
H4 timeframe:
Monday observed a healthy recovery emerge from a supply-turned demand area at 0.6029/0.5964, with Wednesday dipping to lows just ahead of demand at 0.6065/0.6106. This led the pair into 0.6314/0.6235, comprised of a support-turned resistance at 0.6314, a 161.8% Fib ext. level at 0.6273 and a 61.8% Fib retracement at 0.6235 (yellow oval).
H1 timeframe:
Against the backdrop of higher-timeframe flow, intraday movement voyaged through 0.62 on Wednesday, which may see price action embrace supply at 0.6325/0.6275. Another important feature on this timeframe is the forming AB=CD bearish pattern that completes a few points north of the said supply (orange).
Structures of Interest:
As buyers and sellers feast on the underside of a daily demand-turned supply at 0.6330/0.6245, and H4 action welcomed 0.6314/0.6235 into the picture, the completion of the H1 AB=CD bearish pattern is likely on the watchlist of many sellers today.
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. The recovery move reclaimed more than 60% of the month’s losses, drawing the pair to within reasonably close proximity of supply fixed at 0.7029/0.6664, intersecting with a long-term trendline resistance (1.0582).
With reference to the market’s primary trend, a downtrend has been present since mid-2011.
Daily timeframe:
In parallel with the RSI indicator addressing 50.00, currently trading around 53.00, AUD/USD registered its third successive daily gain Wednesday and clocked three-week tops at 0.6245. Notably, though, the pair faces a demand-turned supply at 0.6330/0.6245, joined with a 50% retracement level at 0.6271, after recovering from 0.5926/0.6062.
H4 timeframe:
Monday observed a healthy recovery emerge from a supply-turned demand area at 0.6029/0.5964, with Wednesday dipping to lows just ahead of demand at 0.6065/0.6106. This led the pair into 0.6314/0.6235, comprised of a support-turned resistance at 0.6314, a 161.8% Fib ext. level at 0.6273 and a 61.8% Fib retracement at 0.6235 (yellow oval).
H1 timeframe:
Against the backdrop of higher-timeframe flow, intraday movement voyaged through 0.62 on Wednesday, which may see price action embrace supply at 0.6325/0.6275. Another important feature on this timeframe is the forming AB=CD bearish pattern that completes a few points north of the said supply (orange).
Structures of Interest:
As buyers and sellers feast on the underside of a daily demand-turned supply at 0.6330/0.6245, and H4 action welcomed 0.6314/0.6235 into the picture, the completion of the H1 AB=CD bearish pattern is likely on the watchlist of many sellers today.