Buy Position on AUDUSD

23 เม.ย. 2023

Here is a breakdown of AUDUSD and why I am in a buy position:
Weekly: we're bearish overall. However, the market has been in a consolidation/crunch environment for the last 7 weeks. Therefore, I am relying on the intraday time frames to determine my bias.
H4: we broke structure to the upside on Tue, April 11th. We swung to the upside and tapped 0.68000 institutional level. Based on basic structure and market movement, we retraced to the 61.8%
and have since been trying to complete the continuation phase of the price action leading up to 0%/ the supply level around the 0.68000 zone.
Note: the 61.8% has provided a solid level of support. It is based on this premise that I am bullish on the pair as we open the week.

Friday, lastly, closed with a grab of all the untapped daily lows created all week. With this tap into liquidity, I entered a buy position as the week came to a close and I expect the bias to hold and run
the pair to the supply levels. I have my target at 0.67800 on this setup and stop loss at 0.66620.

Enjoy the week ahead and may the pips favor you!