Potential long reversal for AUDUSD after reaching 4H swing low

FX:AUDUSD   Australian Dollar / U.S. Dollar
On the 4H charts, the AUDUSD is at a crossroads. Since around March 20, the pair has been in a downtrend. Especially the last "wave" was very clean and controlled. The pair reached the 161.80% Fibonacci extension and at the same time, we're at a previous swing low which acts as a strong support.

Today, this setup gets more interesting. The lower bounds of the support level were tested, over-reached a little, but then shot back up, forming a good size pin bar . The price is still staying below the moving average, but as you might know, I am now waiting until I see a strong drive up (creating the pin and drive reversal entry trigger I often trade).

The pin bar , together with the previous test of the support level , creates somewhat of a double bottom . If this holds, I could see the price reverse and move up, with some of the potential resistance levels mapped out in light blue. If the support level breaks, there is a lot of downside for this pair as well. I'm keeping my options open, with a careful long bias.

As I said, I'm waiting for a drive candle; a momentum candle to the upside. I have alerts set at 0.75200 and will re-evaluate the price action once the price reaches it.

Find more analysis on and give us a follow:
- on Twitter:
- on Facebook:
- on Google+:
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out