Zone to zone, trade what you see. Just my thoughts
Price may go both ways. Weekly chart shows a nice bullish bounce off a supporting range zone from about 2 years now. Now price is mainly being rejected off the 38.2 Fib from the long downtrend on the daily chart, which a rejection off 38.2 FIB tends to be the strongest in continuation of a trend so I may be entertaining going short instead of long. Whichever way...
So our last analysis on AUD/USD about 3 weeks ago with the Inverse Head & Shoulders to complete Wave 4 caught us 130 Pips. Now we have multiple confluence to enter short for the completion of Wave 5. BUT HOLD ON A SECOND!!!..... We are waiting for bearish confirmation off the retest of 2x Top Neckline and RSI bounce to the downside off 50.0000 on market open...
Price broke through a Daily Supporting Trendline and retested it in confluence with a previous Supply Zone! 148.000 Price is being rejected off the 4 Hour Resistance trendline and has as well broke through a supporting trendline. Hidden bearish divergence and RSI bouncing off the 50 RSI. TP1 145.500 TP2 145.500 TP3 144.000 TP4 143.500 TP5 143.000 FXLifestyle -...
Weekly: Price broke through support Trend line Daily: Bullish Divergence-RSI making higher lows, Respecting Demand zone @ 0.75000 & Support Trend line, Inverse Head & Shoulder off completed 3rd wave of extended 5th wave & Lower Band 4 Hour:Bullish Engulfing candle bouncing off 38.2 Fib TP1: 0.76000 @ (Daily) 38.2 FIB aligned with (4Hour) -0.27 FIB Price will ...