AUDUSD Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: We are very bullish on AU recently but now price action is right near key resistance around 0.74000.
We know that price action is overextended and without structure so our best play is to wait for our next structure point.
Our ideal scenario is if price action pulls back now to form a higher low closer to 0.73000. Look for strong bullish entry candles and target back toward 0.74000 resistance.
Trade scenario 2: If price action continues to rally and we see price action break through 0.74000 resistance we ideally need a structure forming higher low above 0.74000 to even consider longs.
Price action is just too overextended to take a trade without key structure.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: We are very bullish on AU recently but now price action is right near key resistance around 0.74000.
We know that price action is overextended and without structure so our best play is to wait for our next structure point.
Our ideal scenario is if price action pulls back now to form a higher low closer to 0.73000. Look for strong bullish entry candles and target back toward 0.74000 resistance.
Trade scenario 2: If price action continues to rally and we see price action break through 0.74000 resistance we ideally need a structure forming higher low above 0.74000 to even consider longs.
Price action is just too overextended to take a trade without key structure.