Price Altitude: Middle Daily Trend: Down 4H Trend: Down
Price Analysis: After being stuck in a large range over the last 2 months, AUD has finally broken down into a downtrend.
Anticipated Move: Currently AUD is sitting on top of a 4h demand zone which is typically not a good sign for longs. I anticipatesome chop while sitting on top of the 4h demand @ 0.72829 then a further move lower into daily demand starting at 0.72174.
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Comment
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AUDUSD weakened as expected. It is currently bouncing off daily demand. Ideally I would like to see 0.71872 reached first before taking a long, unless 4h supply zones begin to be removed.