AUDUSD Daily Technical Outlook and Review 25th June
On the 4hr chart price reacted beautifully around the highs 0.94613 consuming the buyers at the round number 0.94000 in the process. However, do be prepared for price to react bullishly around the 0.93894 area as this was the decision area made by pro money to push price higher in the first place.
Price will likely see a small rally from where it is currently trading at the moment, to around the round number 0.94000, then the sellers will possibly take over and drop price to the next demand area (D/S flip area) at 0.93186-0.93345 below.
Pending/P.A confirmation orders:
- No pending buy orders (Green line) are seen in the current market environment.
- P.A confirmation buy orders (Red line) are seen at 0.92231 just above demand at 0.92037-0.92203. It would be too risky to set a pending order around this area, since deep spikes into this demand zone have been seen (levels above) possibly consuming the majority of buyers in the process.
- P.A confirmation buy orders (Red line) are visible just above the round number 0.93000 at 0.93025. We require confirmation of this level because previous price action has warned us deep tests both north and south happen on a regular basis, hence the need to wait for confirmation rather than getting stopped out time after time through lack of patience.
- The pending sell order (Green line) set at 0.94447 around the high 0.94613 (marked with a circle), the first target set at 0.93894 has been hit, and the second target is seen below at 0.93436.
- No P.A confirmation sell orders (Red line) are seen in the current market environment.
Sellers have been seen being well and truly in control, price reacted beautifully off of the highs at 0.94613, filling our pending sell order at 0.94447 with little to no drawdown, with price currently showing no signs of stopping just yet. Price will likely see a small reaction at where it is currently trading now (0.93861) as this was the last decision area before price saw a higher high. However the overall bias for the moment is selling, so expect sellers to come in at around the round number 0.94000, to continue on its way south.
- Areas to watch for buy orders: P.O: No pending buy orders are seen with current price action. P.A.C: 0.92231 (SL: more than likely will be at 0.91984 TP: Dependent on approaching price action after the level has been confirmed) 0.93025 (SL: Dependent on approaching price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
- Areas to watch for sell orders: P.O: 0.94447 (Active – 1st target hit) (SL: 0.94667 TP:  0.93894 0.93436). P.A.C: No P.A confirmation sell orders seen in the current market environment.
For the readers’ benefit:
Price action confirmation: simply means traders will likely wait for price action to confirm a level by consuming the opposing supply or demand area, then entering a trade on a possible retracement, this may occur on the lower timeframes also.
Pending orders: means pending orders are likely seen.
Source: IC Markets Trading Desk