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AUDUSD 4 HOUR CHART – TESTING RESISTANCE
As I noted yesterday (scroll to prior pages for a broader view) .6600 would likely set its tone.
This has seen a test of .6624 resistance, its significance is that it guards the key .6648 level as seen on this chart.
Supports and trendline are below .6600, so keep the focus on this level to set the trading bias.
AUDUSD DAILY CHART – WILL CONSULTATION BE BROKEN?
if you take a step back and a deep breath you will see that the AUSUSD has been consolidating within the broad .6269-.6869 range for the whole year-to-date
The range has been narrowed to .6361-.6667, so you can see why .6600 has become pivotal as a break of .6667 would out the .6869 level in play.
Looking at a 4-hour chart, there is a double top around .6644 and a key support at .6558
AUDUSD 5 MINUTE CHART – AT LADDER PATTERN
AUDUSD bouncing off its low as commodity currencies get a lift.
I am using this 5-minute chart to show how The Amazing Trader works with all instruments in all time frames.
We prefer using 15 or 30-minute charts for directional indicator patterns but in a quiet day like today, the 5-minute gave an early sign of a potential change in direction (as long as the low stayed intact).
Note the rising red lines are called an AT Ladder pattern.
AUDUSD 4 HOUR CHART – Make or break level
AUDUSD performing technically, with the 2 blue AT LINES POINTING TO A CHANGE IN DIRECTIONAL RISK THAT HAS SEEN A TEST OF THE KEY .6565 LEVEL (CITED HERE YESTERDAY).
This puts AUDUSD at a crossroads as .6565 is a make or break level. If it holds, then expect a bounce. If it is broken, then look for a test of the trendline or lower.
So far, it has held the first test of this level.
AUDUSD 4 HOUR CHART – CONSOLIDATING
Similar to other pairs AUDUSD is trading below highs set after Friday’; US jobs report.
What I like about this type of chart is that the key levels are clear, which gives a framework to trade with shorter time frames.
In this regard, ,6565 needs to hold to keep the .6648 high on the radar while the upside is limited unless the high is taken out,
AUDUSD DAILY CHART – WAITING FOR THE RBA
AUDUSD will likely see a cautious start after the strong move up and ahead of the RBA decision on Tuesday (see preview)
Looking at this chart, expect support as long as .6586 holds but the key level is .6561, where the up and broken downtrend lines intersect in the coming days.
AUDJPY 4 HOUR CHART – TRYING FOR A BREAKOUT
AUDUSD OUTPERFORMING AFTER CPI DATA WHILE USDJPY REMAINS POISED JUST BELOW 155 DESPITE MARKET ON INTERVENTION WATCH
AS FOR THIS CROSS, THE KEY LEVEL IS 100.80, SO FAR ONLY BRIEFLY TRADING ABOVE AND NEEDING TO BECOME SUPPORT TO BUILD MOMENTUM INTO UNCHARTERED WATERS (I.E. NO CLEAR RESISTANCE OTHER THAN THE MOST RECENT HIGH = 101.01 SET EARLIER).
AUDUSD 4 HOUR CHART – CPI LOOMS
AUDUSD staging a nice rally that would need to get through .6493 (tested) and .6500 to put .6543-53 on the radar.
A test comes in a few hours when AUST CPI comes out… see our Economic Calendar
You have seen me post one of my favorite blog articles. The Power of 50. Look at current rates
GBPUSD 1.2350
EURUSD 1.0655
AUDUSD .6450
AUDJPY 4 HOUR CHART —
AUDJOY is back in familiar territory after last week’s phantom spike to the downside.
On this chart, expect support as long as it trades above .99.00 but would need to clear 100.01 to put the key 100.80 resistance in play.
Note AUDJPY has moved up mainly on the bounce in AUDUSD while USDJPY has barely moved.
This is an e3xmaple pof using crosses to trade spot and following the path of least resistance with USDJOY still reluctant to challenge 155.
AUDUSD 4 HOIR CHART – MODEST RETRACEMENT
2 RED aT LINES DRAWN OFF THE LOW SIGNALED A CGNAGE IN DIRECTIONAL RISK AND THIS WAS FOLLOWED BY A MODEST RETRACEMENT.
kEY LEVELS ARE AT .6388 AND .6493
WHAT AT SAYS:
FOR,6456 TO BECOME THE KEY RESISTANCE LEVEL, THERE WOULD NEED TO BE A KEY LOW.
TO SUGGEST A BIGGER RETRACMENT.A THIRD AT RED LINE WOULD NEED TO BE FORMED FOLLOWED BY A .6456 BREAK.
BOTTOM LINE, THE TREND IS STILL YOUR FRIEND UNLESS .6456 IS BROKEN.
AUDUSD 4 HOUR CHART – THE OUTPERFORMER
Note, my posts yesterday about following the oath of least resistance.
AUDUSD has so far been the outperformer today as flows from the JPY continue to keep USDJPY in sight of 152 but reluctant to challenge the BoJ while the USD trades soft elsewhere, helped by offsets from JOPY crosses.
I had to go to a 4-hour chart to find the key resistance, which is not until .6635 so damage so far has not been fatal.
In the absence of nearby support, look at former resistance for the first levels. of support or revert to shorter time frames.
AUDUSD 4-HOUR CHART – Consolidation or Correction?
The market has started out in typical pre-Easter week fashion with some position adjustments dominating.
AUDUSD failure to test .6500 has seen a modest retracement that would need to take out .6577 to give it some legs.
Otherwise, expect some choppy consolidation trading while within .6599094 and .6577.
AUDUSD Analysis: Breakdown and Potential Downside Movement
AUDUSD has recently broken below the 0.6584 support level, signaling that the upward movement from 0.6477 may have concluded at 0.6667.
Further decline is still possible in the upcoming days, with the next target set around 0.6535. If the price manages to break below this level, the focus could shift towards the 0.6500 area.
The initial resistance level to monitor is at 0.6585. A successful breakout above this level could potentially bring the price back towards the falling trend line on the 4-hour chart.
A breakthrough of the trend line resistance would suggest that the downward movement from 0.6667 may have concluded, with another rise towards the previous high at 0.6667 potentially in the cards.
AUDUSD Analysis: Uptrend Continuation and Key Levels
AUDUSD continues its upward trajectory from 0.6477, with the recent retracement from 0.6667 likely representing a period of consolidation within the uptrend.
As long as the support at 0.6584 remains intact, the uptrend is anticipated to resume, potentially leading to a further ascent towards the 0.6750 region.
The initial resistance level to monitor is at 0.6640. A successful breakout above this level could propel the price towards testing the 0.6667 resistance. Subsequent breakthrough above 0.6667 would set the stage for a push towards 0.6750.
Conversely, a breakdown below the 0.6584 support level would signal a potential completion of the upward movement at 0.6667, potentially resulting in a decline towards the 0.6500 level.
AUDUSD Daily Chart – Focus on the breakout level
Breakout above .6624 and then retreat towards it. A large wick at the high suggests the possibility of a pause but only if AUDUSD moves back below.6624.
Only below .6595 would put it back into its old range, making .6595-6624 a support zone.
The 4-hour chart shows .6613 as a local support.
