Favoring upside - 0.77ish eyed.
In the early hours of yesterday’s segment, Aussie economic data showed a strong increase (61.6K) in the labor market in November, following October’s bleak 7.8K. This prompted strong buying in the AUD/USD market, consequently ripping through both the H4 Quasimodo resistance level at 0.7639 (now acting support) and also November’s opening level at 0.7659. The pair, as you can see, managed to retain recent gains as price retested the monthly opening level and has held firm as support.
Should H4 bulls remain on the offensive today, the next port of call is likely to be H4 resistance plotted at 0.7693, shadowed closely by the 0.77 handle. In conjunction with the H4 timeframe, weekly action shows little resistance on the horizon after chalking up a solid response from the weekly channel support extended from the low 0.6827(merges closely with a weekly 50.0% value at 0.7475 taken from the high 0.8125, and a nice-looking weekly AB=CD [see black arrows] 161.8% Fib ext. point situated at 0.7496). Hindering potential upside from the H4 level, however, is the current daily supply base fixed at 0.7695-0.7657.
Market direction:
Given November’s opening level has the backing of weekly buyers, and daily price has yet to print anything noteworthy from the aforementioned daily supply, further buying is likely on the cards. In fact, H4 price is in the process of penciling in a H4 buying tail – this could be an ideal opportunity to enter the market on the close.
Data points to consider: US empire state manufacturing index at 1.30pm; US industrial production m/m and capacity utilization rate at 2.15pm GMT.
Should H4 bulls remain on the offensive today, the next port of call is likely to be H4 resistance plotted at 0.7693, shadowed closely by the 0.77 handle. In conjunction with the H4 timeframe, weekly action shows little resistance on the horizon after chalking up a solid response from the weekly channel support extended from the low 0.6827(merges closely with a weekly 50.0% value at 0.7475 taken from the high 0.8125, and a nice-looking weekly AB=CD [see black arrows] 161.8% Fib ext. point situated at 0.7496). Hindering potential upside from the H4 level, however, is the current daily supply base fixed at 0.7695-0.7657.
Market direction:
Given November’s opening level has the backing of weekly buyers, and daily price has yet to print anything noteworthy from the aforementioned daily supply, further buying is likely on the cards. In fact, H4 price is in the process of penciling in a H4 buying tail – this could be an ideal opportunity to enter the market on the close.
Data points to consider: US empire state manufacturing index at 1.30pm; US industrial production m/m and capacity utilization rate at 2.15pm GMT.
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