AUD/USD - Intraday Idea - Textbook Setup

Daily Chart: Price action eagerly respected the Daily trend line support and bounced off immediately. This area too is in confluence with a historical support/resistance level. Price action also arrived at the buy zone I set last week.

Hourly Chart: If the hourly candle would perforate and break the nearest trend line resistance. The possibility for AUD to test the Daily trend line resistance would increase.

Note: My bias on DXY is short. Hence, I based my analysis of this currency pair on it. Trade at your own risk my friend!

Caveat!

Trade active:

MY USD Bias Would still be bearish until the February High resistance is broken and then retested as a support. The next immediate resistance is the Monthly PP which was rested last week but bears are still on the look out. And if you observe the candles on the 1H TF, so many bull exhaustion.

Comment:

The dollar index found a nice immediate resistance. This served as a major hourly support last week. Before the London session started the hourly candle came through it again and tested it. If the hourly major support at 89.60 breaks. The next target support if price action still continues to go down would be 89.40.

Remember that our last target was that trendline support (marked in purple) it was broken during the Asian session.