0.75 handle still looks like a real beauty for longs!
After spiking to a high of 0.7630 in early Asian hours on Wednesday, the AUD/USD aggressively crunched its way through the 0.76 handle on lower-than-expected growth data. The pair attempted to recover off lows at 0.7571, but failed to print anything of note before resuming to the downside. The day concluded with the H4 candles mildly pairing losses ahead of a H4 support level pegged at 0.7555. This level, technically speaking, is notable due to how well it held in the past. Nonetheless, is it worthy of another bounce though?
Across on the daily timeframe, the next OBVIOUS base of support does not come into view until 0.7505. The history this level boasts is incredible! On the weekly timeframe, downside is still favored it seems, as there is room for price to trade as far south as the weekly channel support extended from the low 0.6827 (merges with a weekly 50.0% value at 0.7475 taken from the high 0.8125 and a nice-looking weekly AB=CD [see black arrows] 161.8% Fib ext. point situated at 0.7496).
Direction: Due to the higher timeframes suggesting lower prices may be ahead, the current H4 support and the H4 Quasimodo support seen below it at 0.7536 are not levels of significance at this time. The 0.75 handle (not seen on the screen) is the area that continues to stand out, given the weekly/daily supports surrounding the number.
Data points to consider: US unemployment claims at 1.30pm GMT.
Areas worthy of attention:
Supports: H4 support level at 0.7555; H4 Quasimodo support at 0.7536; 0.75 handle; weekly channel support extended from the low 0.6827; daily support at 07505; weekly 50.0% value at 0.7475 taken from the high 0.8125; weekly AB=CD 161.8% Fib ext. point situated at 0.7496.
Resistances: 0.76 handle; daily supply at 0.7695-0.7657.
Across on the daily timeframe, the next OBVIOUS base of support does not come into view until 0.7505. The history this level boasts is incredible! On the weekly timeframe, downside is still favored it seems, as there is room for price to trade as far south as the weekly channel support extended from the low 0.6827 (merges with a weekly 50.0% value at 0.7475 taken from the high 0.8125 and a nice-looking weekly AB=CD [see black arrows] 161.8% Fib ext. point situated at 0.7496).
Direction: Due to the higher timeframes suggesting lower prices may be ahead, the current H4 support and the H4 Quasimodo support seen below it at 0.7536 are not levels of significance at this time. The 0.75 handle (not seen on the screen) is the area that continues to stand out, given the weekly/daily supports surrounding the number.
Data points to consider: US unemployment claims at 1.30pm GMT.
Areas worthy of attention:
Supports: H4 support level at 0.7555; H4 Quasimodo support at 0.7536; 0.75 handle; weekly channel support extended from the low 0.6827; daily support at 07505; weekly 50.0% value at 0.7475 taken from the high 0.8125; weekly AB=CD 161.8% Fib ext. point situated at 0.7496.
Resistances: 0.76 handle; daily supply at 0.7695-0.7657.
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