AUDUSD (S) - THOUGHTS
Current Price action doesn't fit any of the strategies that I trade, but here's what I think.
For price action to pull into the highlighted region of the 4 hr highs and fall from there. This bias would go hand in hand with the AUD weakness show across other currency pairs, and the USD strength.
HTF: PA has pulled back to where we were in Dec. 2019. Back to 0.700 area, and now we're trading below this area. PA has pulled up to .618 fib and we seem to have found resistance in that area.
LTF: are creating higher lows as show in the 4 hr chart, and price is pullback to create potential triple tops.
Will be watching to see if price presents any opportunities to trade my strategies, but atm it does not.
Comment bellow what you think, wether you agree or disagree. Or how you're reading PA.
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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For price action to pull into the highlighted region of the 4 hr highs and fall from there. This bias would go hand in hand with the AUD weakness show across other currency pairs, and the USD strength.
HTF: PA has pulled back to where we were in Dec. 2019. Back to 0.700 area, and now we're trading below this area. PA has pulled up to .618 fib and we seem to have found resistance in that area.
LTF: are creating higher lows as show in the 4 hr chart, and price is pullback to create potential triple tops.
Will be watching to see if price presents any opportunities to trade my strategies, but atm it does not.
Comment bellow what you think, wether you agree or disagree. Or how you're reading PA.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Price pulled up past the previous 4 hr highs, took them out and reversed from the area I indicated with the circle.
On the 1 hr chart we're not breaking down and I'm waiting for a pullback to enter around the 1 hr 50 ema / ,382 fib,
Targeting daily 50 ema region / fib extensions.