Eyes on moves south of H1 demand-turned supply at 0.6494/0.6511
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.
April’s 370-pip advance has, as you can see, landed May within striking distance 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 downtrend has been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis -
Supply from 0.6618/0.6544 re-entered play Friday, responding by way of a bearish outside day formation on Monday, typically considered a bearish signal. It should also be emphasised this area comes with a 127.2% Fib ext. level at 0.6578 and a nearby 161.8% Fib ext. level at 0.6642. Traders may include the 200-day simple moving average (SMA) here seen around 0.6668.
Although the chance of a move lower from supply is there, the fact we failed to print fresh lows out of this zone at the end of April, as well as the series of higher highs/lows formed since testing 0.5506, may fuel buyers.
H4 timeframe:
Reacting from daily supply at 0.6618/0.6544 underscores the possibility of an approach back to demand formed at 0.6356/0.6384. This is a familiar area that withstood two downside attempts in the early stages of May.
H1 timeframe:
Against the US dollar, the Australian dollar fell 0.6% Monday amid fading risk sentiment and a healthy dollar bid. 0.65 was taken on the H1 timeframe, as well as its surrounding demand area at 0.6494/0.6511.
US hours, nonetheless, saw the candles retest demand as supply. Although capping upside, sellers are likely hesitant about pulling the trigger here due to the 100-period simple moving average (SMA) circling close by at 0.6476.
Structures of Interest:
Monthly price shows room to approach supply at 0.7029/0.6664. In order to reach this far north, daily price must engulf its current supply from 0.6618/0.6544.
Intraday traders, on the other hand, likely have eyes on moves south of H1 demand-turned supply at 0.6494/0.6511 to at least 0.6450. A H1 close beneath the current 100-period SMA, knowing we produced a bearish outside day pattern on the daily timeframe yesterday, may add weight.
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.
April’s 370-pip advance has, as you can see, landed May within striking distance 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 downtrend has been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis -
Supply from 0.6618/0.6544 re-entered play Friday, responding by way of a bearish outside day formation on Monday, typically considered a bearish signal. It should also be emphasised this area comes with a 127.2% Fib ext. level at 0.6578 and a nearby 161.8% Fib ext. level at 0.6642. Traders may include the 200-day simple moving average (SMA) here seen around 0.6668.
Although the chance of a move lower from supply is there, the fact we failed to print fresh lows out of this zone at the end of April, as well as the series of higher highs/lows formed since testing 0.5506, may fuel buyers.
H4 timeframe:
Reacting from daily supply at 0.6618/0.6544 underscores the possibility of an approach back to demand formed at 0.6356/0.6384. This is a familiar area that withstood two downside attempts in the early stages of May.
H1 timeframe:
Against the US dollar, the Australian dollar fell 0.6% Monday amid fading risk sentiment and a healthy dollar bid. 0.65 was taken on the H1 timeframe, as well as its surrounding demand area at 0.6494/0.6511.
US hours, nonetheless, saw the candles retest demand as supply. Although capping upside, sellers are likely hesitant about pulling the trigger here due to the 100-period simple moving average (SMA) circling close by at 0.6476.
Structures of Interest:
Monthly price shows room to approach supply at 0.7029/0.6664. In order to reach this far north, daily price must engulf its current supply from 0.6618/0.6544.
Intraday traders, on the other hand, likely have eyes on moves south of H1 demand-turned supply at 0.6494/0.6511 to at least 0.6450. A H1 close beneath the current 100-period SMA, knowing we produced a bearish outside day pattern on the daily timeframe yesterday, may add weight.
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