On Monday May 9^th, the AUS/USD currency pair was touched support at 7313. It had been advancing from the January low until topping in late April and is sitting at a 50% retracement of that move. A full cycle up from the 6809 low lands at 7892. It got as high as 7818 but never completed the full cycle movement. Two additional levels of support are the 180 degree mark of 7341 and volatility based support at 7278. Today’s low was 7290. We are looking at a potential long entry signal. As long as price does not violate 7270 this week an entry in the range of 7345 to 7370 with a stop at 7250 has a potential target opportunity of 7892.

The next time factor on the horizon is June 4^th. After applying a Market Profile® structure to our chart we found that the point of control rests at 7120 and one standard deviation above that that level is 7450. If price gets to 7450 adjusting stops would be prudent.