Technical Analysis

Daily Technical Analysis: AUD/USD Bullish Wicks Mark New Wave Of Buyers

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The AUD has been rebounding of late, with stronger Employment numbers for the month and a reduction in the Unemployment Rate to 5.7% as it approaches full employment. Interestingly, the MI Inflation target is 4% for the next 12 months, which may signal rate hikes in the near future. USD weakness continues, and the USD Index looks destined a bit lower, with lower manufacturing numbers, but with all other indicators relatively stable, the concerns lie with whether Trump can now deliver on his Tax cut promises for the next boost to the US economy.

The AUD/USD is getting close to the POC zone (61.8, D L3, ATR,EMA89) within 0.7415-25. The interim bullish outlook is further supported by bullish wicks (blue highlight) that mark historical buyers. Now moment buyers could appear exactly there and the wicks are in confluence with the POC zone. We can also notice an ascending trend line. Target for the move is 0.7485 D H5 / W H5 confluence.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

About the Contributor
Admiral Markets
Author: Admiral MarketsWebsite: http://www.admiralmarkets.com/
The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.
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