Long-term action indicates H4 players may defend range support
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 giving way.
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 at the beginning of last week, with the latter now featured as support.
The break to the upside also shifts focus towards two nearby trendline resistances (prior supports – 0.6744/0.6671) this week; a violation here unmasks another resistance at 0.7197.
With respect to support under 0.6931, 0.6755 is on the radar, as well as the 200-day simple moving average, currently circulating the 0.6673 region.
H4 timeframe:
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, though heading into mid-month price has entered a ranging phase (blue) between 0.6925/0.6999.
In light of daily price establishing position above 0.6931, breaking above the aforesaid range is a possibility this week, bound for nearby supply at 0.7058/0.7029.
H1 timeframe:
Since late Thursday, the 100-period simple moving average (0.6959) has capped upside.
Overall, though, the H4 range underlined above at 0.6925/0.6999 is contained by supply at 0.7003/0.6987 (and 0.70), and demand from 0.6914/0.6926. As such, these areas are worth keeping a tab on.
Structures of Interest:
Long term:
Monthly price appears to be squeezing sellers out of the market as daily price holds 0.6931 as support.
Short term:
Long-term action indicates H4 players may defend range support at 0.6925 this week, highlighting H1 bullish signals north of 0.6950 or the 100-period simple moving average to H1 supply at 0.7003/0.6987.
(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 giving way.
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 at the beginning of last week, with the latter now featured as support.
The break to the upside also shifts focus towards two nearby trendline resistances (prior supports – 0.6744/0.6671) this week; a violation here unmasks another resistance at 0.7197.
With respect to support under 0.6931, 0.6755 is on the radar, as well as the 200-day simple moving average, currently circulating the 0.6673 region.
H4 timeframe:
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, though heading into mid-month price has entered a ranging phase (blue) between 0.6925/0.6999.
In light of daily price establishing position above 0.6931, breaking above the aforesaid range is a possibility this week, bound for nearby supply at 0.7058/0.7029.
H1 timeframe:
Since late Thursday, the 100-period simple moving average (0.6959) has capped upside.
Overall, though, the H4 range underlined above at 0.6925/0.6999 is contained by supply at 0.7003/0.6987 (and 0.70), and demand from 0.6914/0.6926. As such, these areas are worth keeping a tab on.
Structures of Interest:
Long term:
Monthly price appears to be squeezing sellers out of the market as daily price holds 0.6931 as support.
Short term:
Long-term action indicates H4 players may defend range support at 0.6925 this week, highlighting H1 bullish signals north of 0.6950 or the 100-period simple moving average to H1 supply at 0.7003/0.6987.
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