AUD-USD CHART HAS BEEN ON WATERFALL SINCE BEGINNING OF THIS WEEK. PAIR IS TRADING AT ICE ZONE (PREVIOUS RESISTANCE ACT AS SUPPORT), WHICH MAY AGAIN ACT AS STRONG SUPPORT AND PAIR MAY GET SOME RELIEF.
LOOK TO ENTER LONG ON HIGHER HIGH HIGHER CLOSE CANDLE ON H-4 CHART, RSI IS ALSO OVERSOLD AT CURRENT LEVELS WHICH MAY ADD CONFIRMATION TO OUR BULLISH TRADE BIAS. SINCE AUD-USD IS IN DOWN TREND IN LOWER TIMEFRAME (H-1 & BELOW) WE SHOULD EXPECT VERY SHORT BOUNCEBACK.
ENTRY: 0.7082 (WAIT FOR HIGHER HIGH HIGHER CLOSE CANDLE ON H-4 ABOVE 0.7080)
STOP LOSS: 0.7030 (1 ATR BELOW LOW OF CURRENT SWING)
TARGET-1: 0.7125 (0.382 RETRACEMENT OF LAST SWING LOW ON H-1)
TARGET-2: 0.7165 (0.618 RETRACEMENT OF LAST SWING LOW ON H-1)
LOOK TO ENTER LONG ON HIGHER HIGH HIGHER CLOSE CANDLE ON H-4 CHART, RSI IS ALSO OVERSOLD AT CURRENT LEVELS WHICH MAY ADD CONFIRMATION TO OUR BULLISH TRADE BIAS. SINCE AUD-USD IS IN DOWN TREND IN LOWER TIMEFRAME (H-1 & BELOW) WE SHOULD EXPECT VERY SHORT BOUNCEBACK.
ENTRY: 0.7082 (WAIT FOR HIGHER HIGH HIGHER CLOSE CANDLE ON H-4 ABOVE 0.7080)
STOP LOSS: 0.7030 (1 ATR BELOW LOW OF CURRENT SWING)
TARGET-1: 0.7125 (0.382 RETRACEMENT OF LAST SWING LOW ON H-1)
TARGET-2: 0.7165 (0.618 RETRACEMENT OF LAST SWING LOW ON H-1)