AUDUSD Long Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: Overall we are bullish on higher timeframes but the 4hour has recently been very bearish. We saw price action fall to our 100% fib level which makes our analysis fairly simple. It will either bounce or break. In the scenario price action bounces we want to identify a strong reversal with a transition of resistance at 0.76800. Look to enter long on a confirmed higher low above this level. Look to target higher toward key resistance levels.
Trade scenario 2: For us to consider bearish scenarios on AU we need to see a break and retest of 0.7600. Until this happens we remain bullish.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: Overall we are bullish on higher timeframes but the 4hour has recently been very bearish. We saw price action fall to our 100% fib level which makes our analysis fairly simple. It will either bounce or break. In the scenario price action bounces we want to identify a strong reversal with a transition of resistance at 0.76800. Look to enter long on a confirmed higher low above this level. Look to target higher toward key resistance levels.
Trade scenario 2: For us to consider bearish scenarios on AU we need to see a break and retest of 0.7600. Until this happens we remain bullish.