AUDUSD Long idea
The monthly and weekly timeframes are both very bearish whereas the daily and 4hour timeframes are bullish .
Current price action on this timeframe is forming a broad ascending triangle with key resistance around 0.69650 and higher lows narrowing the range.
We will continue with this long bias and will look for proper confirmation to the upside, however, there are two potential trade scenarios here:
1.Price action forms structure and bounces off 0.69000. Look to enter on bullish confirmations and target key resistance levels like our monthly around 0.70800. For a more conservative entry wait for a break and retest of 0.69650.
2.Bullish momentum dies off and price action falls to the bottom of this pattern around 0.68500. We will re-analyze at this point and potentially consider short positions.
The monthly and weekly timeframes are both very bearish whereas the daily and 4hour timeframes are bullish .
Current price action on this timeframe is forming a broad ascending triangle with key resistance around 0.69650 and higher lows narrowing the range.
We will continue with this long bias and will look for proper confirmation to the upside, however, there are two potential trade scenarios here:
1.Price action forms structure and bounces off 0.69000. Look to enter on bullish confirmations and target key resistance levels like our monthly around 0.70800. For a more conservative entry wait for a break and retest of 0.69650.
2.Bullish momentum dies off and price action falls to the bottom of this pattern around 0.68500. We will re-analyze at this point and potentially consider short positions.