Hello Traders!, Hope we've had a good start to the week! On to our mid-week analysis I've come across some AUD strength on 4H & D1 timeframe, so I've been searching for a set-up on the 1H timeframe and see confluence on the AUDJPY pair What Is The Market Telling Us?
Market is showing bullish sentiment after 2nd rejection off 74.50 support level
50SMA shows bullish correction phase could be ending as it is sloping downwards (bullish signal)
Price has repsected 200EMA as it has aligned with 74.50 support and shown strong rejection to the upside
D1 Timeframe shows a clear break & retest of this 74.50 support, indicating further bullish momentum
When Should We Enter?
I'm anticipating some consolidation as the AUD is weak on smaller timeframes such as 1H & lower
Waiting on a potential double bottom to form or a breakout of my consolidation area before looking for BUYS
Look for BUYS once there is a confirmed double bottom or confirmation of a breakout of the consoldiation area