Starting from the Weekly and Daily time frames, we can see that there is a high probability of AUDUSD continuing to be bullish going into this new week.
Drawing a fib off the Daily time frame, from March 19, 2020 to our most recent high on February 19, 2021 we can clearly see that price is right about the 6.18 price reversal zone. With this confluence, we can go down to our H4 time frame, add our pivot points to clearly see price closed last Friday in the exit area for Bulls. And since we are fundamentally bias with USD being weak currently, we can project that price for AUDUSD may be coming down for a short-term this week to have another entry for Bulls to enter again to take it to the upside. We've set out two possible entry zones for Bulls for this week to close out February.
Drawing a fib off the Daily time frame, from March 19, 2020 to our most recent high on February 19, 2021 we can clearly see that price is right about the 6.18 price reversal zone. With this confluence, we can go down to our H4 time frame, add our pivot points to clearly see price closed last Friday in the exit area for Bulls. And since we are fundamentally bias with USD being weak currently, we can project that price for AUDUSD may be coming down for a short-term this week to have another entry for Bulls to enter again to take it to the upside. We've set out two possible entry zones for Bulls for this week to close out February.