Very interesting PA setup on the Aussie here!
The AUD/USD charts are certainly interesting this morning! Over on the weekly chart, the bears continue to dig their way into a support area marked at 0.7610-0.7543. Stepping down a level to the daily chart, however, the unit shows space for price to continue pushing lower until we reach the support area formed at 0.7556-0.7523, which happens to be glued around the lower edge of the current weekly support area.
Now, this is where it gets exciting! As mentioned in Thursday’s report, we are currently watching to see if H4 price can shake hands with the mid-level support at 0.7550 for potential longs. Here’s our reasoning:
• By and of itself, 0.7550 is a watched psychological band.
• 0.7550 merges with a H4 trendline support etched from the low 0.7519.
• Should the H4 candles continue pressing lower, the approach will have formed a beautiful-looking AB=CD bullish formation terminating at 0.7550 (see black arrows).
• 0.7550 is also located within both of the above said weekly and daily support areas.
Our suggestions: So, put simply, we are going to be watching for price to strike 0.7550 today and hold firm. Should we spot H4 bulls coming into the picture from here in the shape of a (preferably) full-bodied bull candle, we would have no hesitation buying this market and targeting 0.76 as an initial take-profit zone.
Data points to consider: US Employment figures at 1.30pm, US Fed Monetary policy report at 4pm GMT+1.
Now, this is where it gets exciting! As mentioned in Thursday’s report, we are currently watching to see if H4 price can shake hands with the mid-level support at 0.7550 for potential longs. Here’s our reasoning:
• By and of itself, 0.7550 is a watched psychological band.
• 0.7550 merges with a H4 trendline support etched from the low 0.7519.
• Should the H4 candles continue pressing lower, the approach will have formed a beautiful-looking AB=CD bullish formation terminating at 0.7550 (see black arrows).
• 0.7550 is also located within both of the above said weekly and daily support areas.
Our suggestions: So, put simply, we are going to be watching for price to strike 0.7550 today and hold firm. Should we spot H4 bulls coming into the picture from here in the shape of a (preferably) full-bodied bull candle, we would have no hesitation buying this market and targeting 0.76 as an initial take-profit zone.
Data points to consider: US Employment figures at 1.30pm, US Fed Monetary policy report at 4pm GMT+1.
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