AUDUSD 4hour Analysis August 29th, 2021
AUDUSD Bearish Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: Higher timeframes are mainly bearish but the 4hour has been pushing up pretty hard. We can see that recent broken structure is around 0.73300, right where price action is pushing up to.
From here if we’re going to continue with the overall bearish trend we need to see a strong reversal. Ideally price action comes to a stop and consolidates into a nice reversal pattern.
We can then take 1 of 2 entries. Enter on the break of support after a confirmed reversal around 0.73000 or wait for the more conservative option and enter on the retest of 0.73000 after it is broken and then target lower.
Trade scenario 2: For us to consider AU bullish it first needs to break back into the range above 0.73300. I would not recommend taking a trade within the range but you could enter on either the bullish break of the range or wait for a higher low to confirm above 0.74000, then target higher.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: Higher timeframes are mainly bearish but the 4hour has been pushing up pretty hard. We can see that recent broken structure is around 0.73300, right where price action is pushing up to.
From here if we’re going to continue with the overall bearish trend we need to see a strong reversal. Ideally price action comes to a stop and consolidates into a nice reversal pattern.
We can then take 1 of 2 entries. Enter on the break of support after a confirmed reversal around 0.73000 or wait for the more conservative option and enter on the retest of 0.73000 after it is broken and then target lower.
Trade scenario 2: For us to consider AU bullish it first needs to break back into the range above 0.73300. I would not recommend taking a trade within the range but you could enter on either the bullish break of the range or wait for a higher low to confirm above 0.74000, then target higher.