AUD/USD Technical outlook and review
4hr TF.
Look at price consolidating around the round number 0.94000, it is hard to imagine how many sellers and breakout buyers have been stopped out during this ranging price action!
A decision has yet to be made, however we can be pretty sure pro money are very busy at work. All of those wicks were to more than likely tempt traders on the lower timeframes to buy the retest of the round number 0.94000 which clearly resulted in them getting stopped out.
We have to remember it is quite a distance from the aforementioned round number level to either the 4hr decision point level above at 0.94408 or the 4hr demand area below at 0.93208-0.93417, and pro money will certainly require liquidity to move the market this far. We believe this is the reason for this ranging action i.e. to accumulate orders for their positions.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy orders (Red line) are seen just above the decision point level (0.92566-0.92736) at 0.92775. The reason for placing a P.A confirmation buy order here rather than pending buy order is simply because we were trading just above a daily demand ‘buy zone’ at 0.92046-0.92354, meaning pro money could very well just ignore this level completely and trade deeper into the aforementioned daily demand area, so, confirmation is the order of the day!
• Pending sell orders (Green line) are seen just below supply (0.95425-0.95096) at 0.95052. A pending sell order is placed here due to this being an area where pro money was interested in before; see how close price came to the supply area? (Levels above), this indicates possible strong supply (selling pressure), so the next time price visits we can expect some sort of reaction.
• New pending sell orders (Green line) are seen just below the decision point level (0.94408) at 0.94382. The reason for setting a pending sell order here is simply because this was the area pro money decided to push price south to consume the round number 0.94000 and multiple lows in the process.
• The P.A confirmation sell order (Red line) set just below the round number 094000 at 0.93959 is now active. The sellers will need to confirm this level by consuming some of the buyers around the low 0.93406 (marked with a green flag) before a pending sell order is permitted to be set.
• Areas to watch for buy orders: P.O: No pending buy orders seen in the current market environment. P.A.C: 0.92775 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: 0.95052 (SL: 0.95467 TP: Depending on price approach) 0.94382 (SL: 0.94677 TP: Depending on price approach). P.A.C: 0.93959 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
Look at price consolidating around the round number 0.94000, it is hard to imagine how many sellers and breakout buyers have been stopped out during this ranging price action!
A decision has yet to be made, however we can be pretty sure pro money are very busy at work. All of those wicks were to more than likely tempt traders on the lower timeframes to buy the retest of the round number 0.94000 which clearly resulted in them getting stopped out.
We have to remember it is quite a distance from the aforementioned round number level to either the 4hr decision point level above at 0.94408 or the 4hr demand area below at 0.93208-0.93417, and pro money will certainly require liquidity to move the market this far. We believe this is the reason for this ranging action i.e. to accumulate orders for their positions.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy orders (Red line) are seen just above the decision point level (0.92566-0.92736) at 0.92775. The reason for placing a P.A confirmation buy order here rather than pending buy order is simply because we were trading just above a daily demand ‘buy zone’ at 0.92046-0.92354, meaning pro money could very well just ignore this level completely and trade deeper into the aforementioned daily demand area, so, confirmation is the order of the day!
• Pending sell orders (Green line) are seen just below supply (0.95425-0.95096) at 0.95052. A pending sell order is placed here due to this being an area where pro money was interested in before; see how close price came to the supply area? (Levels above), this indicates possible strong supply (selling pressure), so the next time price visits we can expect some sort of reaction.
• New pending sell orders (Green line) are seen just below the decision point level (0.94408) at 0.94382. The reason for setting a pending sell order here is simply because this was the area pro money decided to push price south to consume the round number 0.94000 and multiple lows in the process.
• The P.A confirmation sell order (Red line) set just below the round number 094000 at 0.93959 is now active. The sellers will need to confirm this level by consuming some of the buyers around the low 0.93406 (marked with a green flag) before a pending sell order is permitted to be set.
• Areas to watch for buy orders: P.O: No pending buy orders seen in the current market environment. P.A.C: 0.92775 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: 0.95052 (SL: 0.95467 TP: Depending on price approach) 0.94382 (SL: 0.94677 TP: Depending on price approach). P.A.C: 0.93959 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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