Over the last few hours, the AUD/USD currency pair has experienced a pullback around the 78.6% Fibonacci retracement level. This is an important level to watch, as it often indicates potential market reversals or changes in direction.
However, we have observed that this pullback has coincided with the formation of a Bullish Harmonics pattern. This pattern typically signals a potential bullish trend reversal and the emergence of a new long setup.
In addition to this, the price has also pulled back on the dynamic bullish trendline, which is another key indicator that we're keeping an eye on. When these indicators are in confluence, it strengthens our confidence in the long setup idea.
Based on our analysis of the market conditions, we believe that the AUD/USD pair is poised for a potential uptrend. We remain optimistic about the prospects of this currency pair and are looking for any new opportunities to go long.