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AudUsd: New Highs?


Weekly Timeframe:


Daily Timeframe:


4Hr Timeframe:


 

Weekly: Strong bullish momentum and strength from the break and close of our trend line with a pinbar rejection. After the break of the trend line we also had follow through from a strong bullish engulfing to break new levels. We can see we managed to break and close above our .69250 quarterly psychological zone. If we want to get into any buys price must stay above this area.


Daily: Price is retesting past resistance as new support. We have the option of waiting for one more daily closure to confirm this break or bounce situation or scale down to find an entry.


4Hr: We see we are creating a W/double bottom formation and testing our 50-61.8 fibonacci levels. By reading our candles we see we have a morning star reversal formation and many 4hr engulfing candlesticks.


If price maintains above this zone look to buy, stop loss placed below .69250 key psychological, next target area .70500 key zone.


(risk management is key)

 

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