AUDUSD Neutral Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Overall price action is in a downtrend but we have seen some rejection from support around 0.72000 which pushed price action back into a range.
For us to continue with the bearish trend we need to see a bearish break of support around 0.72000 with a confirmed lower high below.
Trade scenario 2: If we want to consider AU bullish we would need to see a break above resistance around 0.73000 with a higher low above.
We always try to avoid range trading so we will ultimately have to wait for a major break of either support or resistance.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Overall price action is in a downtrend but we have seen some rejection from support around 0.72000 which pushed price action back into a range.
For us to continue with the bearish trend we need to see a bearish break of support around 0.72000 with a confirmed lower high below.
Trade scenario 2: If we want to consider AU bullish we would need to see a break above resistance around 0.73000 with a higher low above.
We always try to avoid range trading so we will ultimately have to wait for a major break of either support or resistance.