Marenno
Long

AUDUSD Current view and entry levels

FX:AUDUSD   Australian Dollar/U.S. Dollar
Price direction on a 1D chart is down, as new lower low and lower high appeared (Price direction is not the same as a trend direction)
Yesterday's close is below 5MA what gives a bit more power to bearish signals
Currently none of the major chart patterns appears (1D Chart)

Price is currently at 61.8% Fibonacci retracement area
in a relation to Previous swing UP
Will look for a bullish mid-term entry setup (based on 1D chart, using lower leverage and wider stops, this type of trade will be left open for a few days) at around 0.7100

On a 4H chart we have a bullish pattern
Divergence with a current oscillator confirms the reversal pattern on a 4H chart, what gives support to momentum traders, and can possibly give a momentum to the price movement.
Price is currently at 61.8% Fibonacci retracement area (Filtered to 4H timeframe)
in a relation to Previous swing UP
Will look for a bullish short term entry setup (based on 4H chart, this type of trade will be left open for a few hours) at around 0.709

On a 1H chart we have a bearish chart pattern

Price is currently at 61.8% Fibonacci retracement area (Filtered to 1H timeframe)
in a relation to 4H Chart
Will look for a bearish short term entry setup (based on 1H chart, trade will be left for minutes, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 0.712


In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a buying opportunities today (or at least during the present session).
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