AUDUSD Long idea
Higher time-frame analysis on the monthly and weekly show strong bearish movement, however, price-action is very over extended and is yet to form structure on said time-frames
When looking at the daily time-frame we see that price action found a bottom near 0.67000 and has been in a bullish trend since.
The 4 hour time-frame shows a strong bullish push followed by consolidation in the form of a symmetrical triangle which suggests more bullish volume to come.
Upon a break of the triangle we will look to target toward the relevant higher time-frame trend line near 0.69000 followed by a second target of the 61.8 daily fib level around 0.69300
Higher time-frame analysis on the monthly and weekly show strong bearish movement, however, price-action is very over extended and is yet to form structure on said time-frames
When looking at the daily time-frame we see that price action found a bottom near 0.67000 and has been in a bullish trend since.
The 4 hour time-frame shows a strong bullish push followed by consolidation in the form of a symmetrical triangle which suggests more bullish volume to come.
Upon a break of the triangle we will look to target toward the relevant higher time-frame trend line near 0.69000 followed by a second target of the 61.8 daily fib level around 0.69300