AUDUSD FOREX 7/30/2024
AUD/USD Update:
Analysis from Weekend: The AUD/USD pair is following our weekend analysis closely. Current fundamental indicators remain supportive, and overall market sentiment is favorable. The accumulation phase is proceeding as anticipated, with price action maintaining stability.
Technical Outlook: We are nearing the onset of Wave 1 within the larger Wave 3 cycle on the higher time frames. The accumulation phase has been robust, affirming the market structure detailed in our Wave Cycle Template.
Strategy:
Intraday Approach: In light of the supportive fundamentals and positive sentiment, we will be strategically adding small buy positions. This approach complements our intraday risk-off positioning.
Wave Cycle Monitoring: We will closely monitor the development of Wave 1 and adjust our positions according to intraday movements and technical signals. Our focus will be on capitalizing on potential troughs within this wave cycle.
Execution Plan:
Entry Points: Target intraday buy opportunities, particularly during breakout phases or liquidity sweeps. These opportunities should align with the anticipated trajectory of Wave 1.
Risk Management: Implement disciplined risk management practices, including placing stop-loss orders below the invalidation point of Leg 2 and adjusting position sizes to manage risk effectively.
Next Steps: Stay alert for significant intraday price action signals, particularly in response to fundamental news releases. Continue to adjust strategies as needed to optimize trade outcomes, while maintaining a bullish stance for the time being.
Analysis from Weekend: The AUD/USD pair is following our weekend analysis closely. Current fundamental indicators remain supportive, and overall market sentiment is favorable. The accumulation phase is proceeding as anticipated, with price action maintaining stability.
Technical Outlook: We are nearing the onset of Wave 1 within the larger Wave 3 cycle on the higher time frames. The accumulation phase has been robust, affirming the market structure detailed in our Wave Cycle Template.
Strategy:
Intraday Approach: In light of the supportive fundamentals and positive sentiment, we will be strategically adding small buy positions. This approach complements our intraday risk-off positioning.
Wave Cycle Monitoring: We will closely monitor the development of Wave 1 and adjust our positions according to intraday movements and technical signals. Our focus will be on capitalizing on potential troughs within this wave cycle.
Execution Plan:
Entry Points: Target intraday buy opportunities, particularly during breakout phases or liquidity sweeps. These opportunities should align with the anticipated trajectory of Wave 1.
Risk Management: Implement disciplined risk management practices, including placing stop-loss orders below the invalidation point of Leg 2 and adjusting position sizes to manage risk effectively.
Next Steps: Stay alert for significant intraday price action signals, particularly in response to fundamental news releases. Continue to adjust strategies as needed to optimize trade outcomes, while maintaining a bullish stance for the time being.
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