AUD/USD technical analysis

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If you look at the analysis I did yesterday, you'll note that the immediate trend on my hourly chart suggested scalping long positions if price dropped below 0.7595. Not only could you have scalped a few pips, you could have held on for a few dozen more.

However, at 0.7667, I suspect the pair will be pulling back a bit sometime in the not too distant future.


AUDUSDH1.png

I overlooked the inclusion of 4-hour charts in my analyses yesterday, which is why my tables had an extra row at the bottom. So what did they say?

According to my 4-hour AUDUSD chart, this pair is long, but has been prime for a pullback for the last six hours, though that is of course no guaranty it will actually materialize.

I will almost assuredly look to go long again should price drop back down to the neighborhood of 0.7586 to 0.7607.
 
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I keep waiting for buying opportunities, but have only been able to grab a few pips here and there from shorting just before pullbacks. The pair never drops down to where I want to enter a long position.

The first real zones of resistance I see on my daily, 4-hour and 1-hour charts are at 0.7731, 0.7703 and 0.7701 respectively.

The levels where I would like to buy based on those same charts are 0.7568, 0.7616 and 0.7647, though at this point I might settle for 0.7658.
 
Risk seems towards the downside, 0.7500 is a important support level, break below it means downside movement extending to a wider range.
 
The Aussie fell due to the weak data on the consumer price index In Asian trading session. I plan to open transactions towards the current trend. If the price exceeds the 0.7520 level, I will look for an entry point to open short positions. My next target for taking profit is 0.7465.
 
Look at daily, read news for day, enter position and try to pull 4 to 6hrs. close out.
 
I look at channel position for all trades. It can be a useful indicator. I only ever use a few tech indicators, RSI, 8, 20 and 50 period MA, momentum important to us day traders!
 
The pair is consolidating around 0.788 level, risk remains on the upside, 0.79 is a key level break above would lead to further gains.
 
Upside seems limited, the pair has found support level around 0.7800, and follow by 0.77.
 
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