AUDUSD a turn at the 0.886 Fibonacci 🦐
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The price is creating a series of higher highs and higher lows is to consider buying on pullbacks to key levels of support.
Specifically, if the price is showing a strong uptrend by creating higher highs and higher lows, traders may look to buy when the price pulls back to an area of previous resistance that has now been flipped to support.
In this scenario is to consider buying after the market tests the 0.886 Fibonacci level and creates a new high. The 0.886 Fibonacci level is a key level of resistance and if the market is able to turn at this level, it can be seen as a strong bullish signal. Traders may look for confirmation of a new uptrend by watching for a bullish candle or price pattern to form after the test of this level.
A good strategy in this scenario would be to wait for a retracement before considering a continuation of the uptrend. After the market tests the 0.886 Fibonacci level and creates a new high, traders may look for a pullback or retracement in the market before entering a trade. This will give traders an opportunity to enter the market at a better price and also provide a better risk-reward ratio. Traders can use Fibonacci retracement levels such as the 0.382 or 0.50 to identify potential levels of support where the market may retrace to.
Specifically, if the price is showing a strong uptrend by creating higher highs and higher lows, traders may look to buy when the price pulls back to an area of previous resistance that has now been flipped to support.
In this scenario is to consider buying after the market tests the 0.886 Fibonacci level and creates a new high. The 0.886 Fibonacci level is a key level of resistance and if the market is able to turn at this level, it can be seen as a strong bullish signal. Traders may look for confirmation of a new uptrend by watching for a bullish candle or price pattern to form after the test of this level.
A good strategy in this scenario would be to wait for a retracement before considering a continuation of the uptrend. After the market tests the 0.886 Fibonacci level and creates a new high, traders may look for a pullback or retracement in the market before entering a trade. This will give traders an opportunity to enter the market at a better price and also provide a better risk-reward ratio. Traders can use Fibonacci retracement levels such as the 0.382 or 0.50 to identify potential levels of support where the market may retrace to.
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