Technical picture going into Australian job's data...
Following a modest recovery just north of the 0.72 handle on Wednesday, largely backed by a dip in the USD from 2018 highs of 96.98 (US dollar index), the H4 candles are seen poised to challenge nearby H4 supply at 0.7267-0.7254. Beyond this area the unit may head for 0.73, and quite possibly the daily resistance parked just above it at 0.7314.
Daily demand at 0.7179-0.7216, as you can see, was also brought into the fold on Wednesday in the shape of a bullish pin-bar formation. Note this area also happens to encase the 2017 yearly opening level on the weekly timeframe at 0.7199, which came within a stone’s throw away from seeing some action!
As traders await the latest employment figures from Australia this morning, our technical read shows the market may be looking to press higher, at least until we reach 0.7282: the underside of the 2016 yearly opening level on the weekly timeframe (the next upside target on that scale).
Areas of consideration:
Entering long at current price, knowing H4 action is seen lurking just beneath supply, is not considered a high-probability move since active sellers may reside here! The alternative is to wait and see if H4 price pulls back and tests 0.72, breaking yesterday’s low 0.7202. Besides bringing in buyers from 0.72, the move would likely trigger buy orders from the 2017 (weekly) yearly open level at 0.7199. Knowing all of this remains encapsulated within the confines of the current daily demand, longs from 0.72 to the noted H4 supply/2016 yearly opening level (blue arrows) are high probability, allowing traders to position stops just beneath the daily zone around 0.7177ish.
Daily demand at 0.7179-0.7216, as you can see, was also brought into the fold on Wednesday in the shape of a bullish pin-bar formation. Note this area also happens to encase the 2017 yearly opening level on the weekly timeframe at 0.7199, which came within a stone’s throw away from seeing some action!
As traders await the latest employment figures from Australia this morning, our technical read shows the market may be looking to press higher, at least until we reach 0.7282: the underside of the 2016 yearly opening level on the weekly timeframe (the next upside target on that scale).
Areas of consideration:
Entering long at current price, knowing H4 action is seen lurking just beneath supply, is not considered a high-probability move since active sellers may reside here! The alternative is to wait and see if H4 price pulls back and tests 0.72, breaking yesterday’s low 0.7202. Besides bringing in buyers from 0.72, the move would likely trigger buy orders from the 2017 (weekly) yearly open level at 0.7199. Knowing all of this remains encapsulated within the confines of the current daily demand, longs from 0.72 to the noted H4 supply/2016 yearly opening level (blue arrows) are high probability, allowing traders to position stops just beneath the daily zone around 0.7177ish.
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