A Golden Opportunity for Buyers?

The AUDUSD has been on a bit of a slide since the end of 2023, but now it's shaping up to look like a solid pick for a short-term buy that could turn into a longer term move here's why.


We're hitting a really important spot on the charts - the Monthly BUY zone that popped up last November after a big jump from the low in early October.


Back in October, I shared an idea about buying when price dipped below 0.63, aiming for a climb up to 0.68. That’s exactly what has happened (you can check out related post below).


Now, if you take a look at the Daily chart below, you'll notice the price is starting to slow as it gets closer to the 0.645 support level, which was a previous resistance area.




What’s got me interested in this BUY idea is just as we touched the 0.645 support this week, my TRFX indicator popped up with a strong bullish signal. And when we zoom into the 4-hour charts, we're seeing even more buy signals occurring alongside slowly momentum.




All this is telling me it’s a pretty good time to think about buying, aiming for a rise up to 0.67 or even higher.


I’m thinking of putting a tight stop loss around 0.642 just in case things go south. But, if it does drop below 0.64, that might just be another chance to buy, as it could mean a deeper dip into the Monthly BUY zone.


For now, I’m getting in on this pair and will keep an eye on how things unfold.


Hope you found this interesting!