ICmarkets

Interesting P.A seen on the Aussie at the moment

FX:AUDUSD   Dolar Australia/Dolar U.S
122 3 6
The technical picture on the AUD/USD             is interesting. Up on the weekly chart, price shows room to continue selling off until we reach the trendline support extended from the low 0.6827/2016 yearly opening level at 0.7282. Down on the daily chart , the unit also displays room to trade lower to a support area drawn from 0.7284-0.7326.

Looking over to the H4 chart, we have two potential AB=CD formations in play:

1. A H4 AB=CD bullish pattern taken from the high 0.7426 that terminates a few inches below the 0.73 handle.
2. A H4 AB=CD bearish pattern drawn from the low 0.7328, which happens to complete around the 0.74 handle.

The first AB=CD pattern is incredibly attractive. Not only does it merge closely with the 0.73 handle, it also sits within the said daily support area , which itself intersects with the aforementioned weekly trendline support and is beautifully positioned a few pips above the 2016 yearly opening level! Not a bad place to look for longs!

The second AB=CD pattern is equally attractive. The termination point fuses with the following: a 0.74 handle, a H4 trendline resistance extended from the low 0.7475, a 127.2% H4 Fib ext. at 0.7409 taken from the low 0.7328 and a 38.2% H4 Fib resistance at 0.7415 pegged from the high 0.7556.

Our suggestions: Look for shorting opportunities between 0.7415/0.74, and l longs from around the 0.73 neighborhood.

Data points to consider: US Inflation data and Retail sales figures at 1.30pm, FOMC member Evans speaks at 2pm, US Prelim UoM consumer sentiment at 3pm , FOMC member Harker speaks at 5.30pm GMT+1.

Levels to watch/live orders:

• Buys: 0.73 region (stop loss: 0.7275, beyond the daily support area/yearly opening level).
• Sells: 0.7415/0.74 (waiting for a reasonably sized H4 bear candle, preferably a full-bodied candle, to form before pulling the trigger is advised, stop loss: ideally beyond the candle’s wick).
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Isnt 0.73 already bottomed?
Balas
@phoe68, What do you mean?
Balas
phoe68 ICmarkets
@ICmarkets, i mean 0.733 was already the bottom for the long term, isnt it? Or it will go down soon?
Balas
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