AUDUSD reversal at 23.6% Retracement

FX:AUDUSD   Australian Dollar / U.S. Dollar
The 4H retraced to the 23.6% fib and provided a hammer which is why I wasn't hesitant to sell, even beneath the trendline. Upon the 4H close and hammer. Price immediately progressed bullish to create a strong higher high, broken correction trendline, as well as ADX mixing in to provide confluence. Intraday the 1H timeframe is a clear opportunity to go long on this pair to at least its -27% target. or the 61.8 Major fib retracement. I believe that this pair is still in an overall downtrend until its creating daily higher highs and higher lows.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.