Demand from 0.6980/0.6993 in the frame!
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June’s follow-through, has supply at 0.7029/0.6664 echoing a vulnerable tone in July, particularly as intersecting long-term trendline resistance (1.0582) demonstrates signs of weakening.
Regarding the market’s primary trend, however, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis -
AUD/USD ousted resistance at 0.6931 in recent moves, with the latter now featured as support.
The break to the upside shifts focus towards two nearby trendline resistances (prior supports – 0.6744/0.6671), levels coming within touching distance of making a show yesterday. A violation here unmasks resistance at 0.7197.
H4 timeframe:
Partially altered from previous analysis -
Formed from June 10 to July 1, H4 established a (bullish) pennant pattern between 0.7064/0.6776, considered a continuation pattern among chart pattern enthusiasts. The breakout witnessed at the beginning of July unearthed a buy signal, but heading into mid-month, price entered a ranging phase (blue) between 0.6925/0.6999. As you can see, Wednesday penetrated the upper boundary of the aforesaid H4 consolidation and encountered neighbouring supply at 0.7058/0.7029.
H1 timeframe:
The breach of the H4 range simultaneously witnessed H1 candles tackle supply at 0.7003/0.6987 (and 0.70), an area containing the upper boundary of the aforementioned H4 range.
The area where the decision was essentially made to break higher yesterday can be seen in the form of demand from 0.6980/0.6993, a base that has held form. Trading higher from current price, aside from local highs, could extend as far north as 0.7050.
Structures of Interest:
Buyers appear to have the advantage right now.
Monthly price appears to be squeezing sellers out of the market and daily buyers are seen holding around support at 0. 6931.This may have traders attempt to join the recent recovery out of H1 demand at 0.6980/0.6993 today, with most wanting to see 0.70 hold as support.
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June’s follow-through, has supply at 0.7029/0.6664 echoing a vulnerable tone in July, particularly as intersecting long-term trendline resistance (1.0582) demonstrates signs of weakening.
Regarding the market’s primary trend, however, a series of lower lows and lower highs have been present since mid-2011.
Daily timeframe:
Partially altered from previous analysis -
AUD/USD ousted resistance at 0.6931 in recent moves, with the latter now featured as support.
The break to the upside shifts focus towards two nearby trendline resistances (prior supports – 0.6744/0.6671), levels coming within touching distance of making a show yesterday. A violation here unmasks resistance at 0.7197.
H4 timeframe:
Partially altered from previous analysis -
Formed from June 10 to July 1, H4 established a (bullish) pennant pattern between 0.7064/0.6776, considered a continuation pattern among chart pattern enthusiasts. The breakout witnessed at the beginning of July unearthed a buy signal, but heading into mid-month, price entered a ranging phase (blue) between 0.6925/0.6999. As you can see, Wednesday penetrated the upper boundary of the aforesaid H4 consolidation and encountered neighbouring supply at 0.7058/0.7029.
H1 timeframe:
The breach of the H4 range simultaneously witnessed H1 candles tackle supply at 0.7003/0.6987 (and 0.70), an area containing the upper boundary of the aforementioned H4 range.
The area where the decision was essentially made to break higher yesterday can be seen in the form of demand from 0.6980/0.6993, a base that has held form. Trading higher from current price, aside from local highs, could extend as far north as 0.7050.
Structures of Interest:
Buyers appear to have the advantage right now.
Monthly price appears to be squeezing sellers out of the market and daily buyers are seen holding around support at 0. 6931.This may have traders attempt to join the recent recovery out of H1 demand at 0.6980/0.6993 today, with most wanting to see 0.70 hold as support.
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