AUDUSD 4hour Analysis August 9th, 2020
AUDUSD Long idea
All significant timeframes are bullish on this pair and we recently had a change of trend on our daily timeframe when this monthly zone was broken and confirmed.
Now we are looking to continue with this bullish trend and enter on long opportunities.
We have 2 potential long scenarios:
1.We see price action reverse at the 61.8% and confirm structure. Look to enter on strong bullish setups, target toward the -27% fib level.
2.Price action falls toward the 100% fib level near our monthly support around 0.70800. Look for a reversal at that level and enter on strong bullish setups. Target toward the -27% fib level.
For us to consider short scenarios we need to see a break of our monthly zone with a confirmed lower high below it.
All significant timeframes are bullish on this pair and we recently had a change of trend on our daily timeframe when this monthly zone was broken and confirmed.
Now we are looking to continue with this bullish trend and enter on long opportunities.
We have 2 potential long scenarios:
1.We see price action reverse at the 61.8% and confirm structure. Look to enter on strong bullish setups, target toward the -27% fib level.
2.Price action falls toward the 100% fib level near our monthly support around 0.70800. Look for a reversal at that level and enter on strong bullish setups. Target toward the -27% fib level.
For us to consider short scenarios we need to see a break of our monthly zone with a confirmed lower high below it.