AUDUSD is on a bullish assault and is currently offering buys for the near-term
Here is my rationale:
Weekly:
-we broke structure on the weekly to the upside recently, especially after a long time being
both ranging and marginally bearish
-we printed two strong wicks in the past two weeks to the downside, the last culminating into
a hammer candle
-this indicates that we have exhaustion after the strong retracement we experienced on the
pair three weeks ago
-the hammer gave a hint of bullish momentum stepping into the market
-we are currently in the overall bullish continuation phase on this time frame
H4:
-we have broken structure to the upside and are, today, strongly pushing to the upside
-we have had a clear bullish dominance in the market and I am seeking this momentum
to carry on to the 0.69000 level, where the June high leveled out and is a potential
source of liquidity if we are to shift direction to the downside
Midrange (H1)
-we are strongly bullish
-the weekly high at 0.68830 and the June high at 0.69000 are strong levels of magnetism
for the pair
-I am seeking a buy at the 38.2%-50% fib retracement level, targeting 0.68800, right below
the previous zone of supply where the pair took orders and dumped them all the way to 0.66000 at the close of June.
Here is my rationale:
Weekly:
-we broke structure on the weekly to the upside recently, especially after a long time being
both ranging and marginally bearish
-we printed two strong wicks in the past two weeks to the downside, the last culminating into
a hammer candle
-this indicates that we have exhaustion after the strong retracement we experienced on the
pair three weeks ago
-the hammer gave a hint of bullish momentum stepping into the market
-we are currently in the overall bullish continuation phase on this time frame
H4:
-we have broken structure to the upside and are, today, strongly pushing to the upside
-we have had a clear bullish dominance in the market and I am seeking this momentum
to carry on to the 0.69000 level, where the June high leveled out and is a potential
source of liquidity if we are to shift direction to the downside
Midrange (H1)
-we are strongly bullish
-the weekly high at 0.68830 and the June high at 0.69000 are strong levels of magnetism
for the pair
-I am seeking a buy at the 38.2%-50% fib retracement level, targeting 0.68800, right below
the previous zone of supply where the pair took orders and dumped them all the way to 0.66000 at the close of June.