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forexwithfred

AUD/USD - BUY OPPORTUNITY Push Towards 0.7000

Long
Australian Dollar / U.S. Dollar (FX:AUDUSD)  
forexwithfred  
FX:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Chart Patterns Wave Analysis AUDUSD audusdidea audusdlong audusdshort breakout breakandretest Bullish Patterns USD
10
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trendanalysis chartpattern waveanalysis audusd audusdidea audusdlong audusdshort breakout breakandretest bullish usd
Hello Traders!,
Hope everyone has had a good start to the week! The market is full of opportunities this week and today we're looking at a possible BUY opportunity for AUD/USD
What Is The Market Telling Us?
  • We can see price has been ranging between our channel while making higher lows off our trendline support
  • Bullish MA crossover adds confluence to our BUY bias as we await a breakout of our channel
  • Retracement phase seems to be over due to bullish engulfing candle on the D1 timeframe
When Should We Enter?
  • In this scenario we are looking for a breakout of our channel followed by a retest/retracement, once we have bullish confirmation, we look for BUYS
  • Our channel resistance may hold and bring us back down to our channel support, if this occurs, look for short-term BUYS off channel support
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