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MountOlympusFx

AUDUSD BUY: Weekly, Daily & 4hr Breakdown.

Long
Australian Dollar / U.S. Dollar (FX:AUDUSD)  
MountOlympusFx Updated   
FX:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns AUDUSD Forex
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AUDUSD LONG THESIS
AUDUSD Weekly:
• 5 weeks ago, there was a double bottom causing area of liquidity causing a strong rally.
• Price broke through 0.7150 monthly, retested and closed above it as a bullish hammer signalling bullish strength.
• Need to be cautious of descending trendline.

AUDUSD Daily:
• Price has begun a bull trend with price creating a new high at 0.7200 and a higher low at 0.7070.
• Friday closed as a bullish engulfing candle breaking through areas of resistance.
• Next target is most likely 0.7250 to form new bullish leg.

AUDUSD 4hr:
• Price made a new high but ran into resistance.
• Price broke through 0.7180 resistance & descending trendline now waiting for retest of these of these levels to enter long positions to 0.7220
Trade active
Trade closed: stop reached
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