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Changing market structure

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
After breaking the capped trend line the market has pulled back and formed a bullish engulfing bar above this level.

The market has formed a higher high and higher low indicating the possible start of a bullish structure. Relying on one HH and HL is not enough for me so I will look to buy once another higher low has formed using price action. Take note that for now this chart is still greatly bearish until the said conditions have been met.

Conservative traders will wait for confirmation and aggressive traders enter at market price. There are a few interesting factors at play here to consider:

1. Fibonacci zone
2. Bullish engulfing bar
3. HH & HL
4. Aggressive traders can enjoy a low risk entry at current market price



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