AUDUSD Potential Swing Buys/ Potential Short Term Sell
AUDUSD has been in a bullish trend since Jan 2022. We recently made a new swing high on the pair based on the H4 analysis.
The pair has also been respecting a trend line to the downside that has acted as support since Jan this year. A look at price action today indicates that we are about to hit that trend line, a fair touch right below the 61.8% fibonacci PRZ level as illustrated.
My opinion is that we will have a rejection to the upside off the trend line and seek highs all the way to the -27% extension.
However, if one is looking at patterns, the daily/ weekly time frames indicate that we had a strong Wammie (double-bottom) which catapulted price to the recent highs and might provide a pullback all the way to the neckline of the same. If this holds, I will be comfortable shorting the pair on the intra-day to around 0.72650.
My swing strategy: take on buys if we have a structural shift at the trend line/61.8% fibonacci and aim for the -27% extension.
Short term: take on sells if price continues with the current momentum and breaks the 61.8% fib to the downside with no shift in structure. Aim for 0.72650 as the key daily level where price is bound to be gravitated into.
Happy pippin!
The pair has also been respecting a trend line to the downside that has acted as support since Jan this year. A look at price action today indicates that we are about to hit that trend line, a fair touch right below the 61.8% fibonacci PRZ level as illustrated.
My opinion is that we will have a rejection to the upside off the trend line and seek highs all the way to the -27% extension.
However, if one is looking at patterns, the daily/ weekly time frames indicate that we had a strong Wammie (double-bottom) which catapulted price to the recent highs and might provide a pullback all the way to the neckline of the same. If this holds, I will be comfortable shorting the pair on the intra-day to around 0.72650.
My swing strategy: take on buys if we have a structural shift at the trend line/61.8% fibonacci and aim for the -27% extension.
Short term: take on sells if price continues with the current momentum and breaks the 61.8% fib to the downside with no shift in structure. Aim for 0.72650 as the key daily level where price is bound to be gravitated into.
Happy pippin!