AUDUSD - Potential Bullish Reversal!
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AUDUSD is sitting around daily support in blue so we will be looking for buy setups on lower timeframes.
on H1: AUDUSD is forming a channel in red but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, AUDUSD would be overall bearish can still trade lower inside the blue support before going up, or even break it downward.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
AUDUSD is sitting around daily support in blue so we will be looking for buy setups on lower timeframes.
on H1: AUDUSD is forming a channel in red but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, AUDUSD would be overall bearish can still trade lower inside the blue support before going up, or even break it downward.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich