AUD/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Demand at 0.6358/0.6839 surrendered yesterday, after capping downside since 2016. Refreshing multi-year lows, demand at 0.6094/0.5866 is next in the firing range, an area formed back in 2003 that held price higher in late 2008.
The primary trend in this market continues to face a southerly trajectory.
Daily timeframe:
AUD/USD powered into demand at 0.6330/0.6245 Thursday, clipping its lower boundary and likely filling a portion of sell stops, both from traders attempting to fade the demand and those anticipating the breakout. Sustained downside from this point may shine the spotlight on demand coming in at 0.5926/0.6062.
The RSI also recently re-entered its oversold range, currently trading around 26.40.
H4 timeframe:
The 161.8% Fib ext. level at 0.6241 elbowed its way into the spotlight Thursday and, in recent hours, staged a half-hearted recovery, stationed beneath resistance at 0.6314, Monday’s low.
H1 timeframe:
Weighed by robust USD gains, the Australian dollar extended its slide Thursday, clocking lows a few points ahead of the 0.62 handle and retesting 0.63 as resistance. 0.63 happens to link closely with channel support-turned resistance (0.6462).
Structures of Interest:
Monthly price shifting focus to demand at 0.6094/0.5866, after taking out the lower edge of demand at 0.6358/0.6839, daily price toying with the lower edge of demand at 0.6330/0.6245, H4 price failing to sustain gains past 0.6314 and H1 action retesting the underside of 0.63/channel resistance, could be enough to entice sellers into this market today and push for a run to 0.62.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Demand at 0.6358/0.6839 surrendered yesterday, after capping downside since 2016. Refreshing multi-year lows, demand at 0.6094/0.5866 is next in the firing range, an area formed back in 2003 that held price higher in late 2008.
The primary trend in this market continues to face a southerly trajectory.
Daily timeframe:
AUD/USD powered into demand at 0.6330/0.6245 Thursday, clipping its lower boundary and likely filling a portion of sell stops, both from traders attempting to fade the demand and those anticipating the breakout. Sustained downside from this point may shine the spotlight on demand coming in at 0.5926/0.6062.
The RSI also recently re-entered its oversold range, currently trading around 26.40.
H4 timeframe:
The 161.8% Fib ext. level at 0.6241 elbowed its way into the spotlight Thursday and, in recent hours, staged a half-hearted recovery, stationed beneath resistance at 0.6314, Monday’s low.
H1 timeframe:
Weighed by robust USD gains, the Australian dollar extended its slide Thursday, clocking lows a few points ahead of the 0.62 handle and retesting 0.63 as resistance. 0.63 happens to link closely with channel support-turned resistance (0.6462).
Structures of Interest:
Monthly price shifting focus to demand at 0.6094/0.5866, after taking out the lower edge of demand at 0.6358/0.6839, daily price toying with the lower edge of demand at 0.6330/0.6245, H4 price failing to sustain gains past 0.6314 and H1 action retesting the underside of 0.63/channel resistance, could be enough to entice sellers into this market today and push for a run to 0.62.