The AUD/USD is presenting a Bullish Gartley Pattern on the daily chart, followed by a pullback into a critical support zone at 0.626 - 0.633. This area has proven to be a significant level for buyers, and current conditions suggest a potential reversal.
Buy Strategy: Retest at Support (0.626 - 0.633)
Rationale:
The 0.626 - 0.633 zone aligns with a critical support level where the last bullish reaction occurred. If price shows signs of rejection or reversal here, a new bullish wave could develop. The TDI Indicator is nearing a zone of buyer exhaustion and may signal a bullish divergence if price reacts positively to the support zone.
Trade Parameters:
Buy Zone: 0.626 - 0.633 Stop Loss: 0.621 (below the support zone) Take Profit: 0.635 (near short-term resistance) Risk-Reward Ratio: 1:2
Recommendation:
Monitor the 0.626 - 0.633 zone closely for signs of rejection or divergence on the TDI. A strong bullish candle in this area could provide confirmation for a potential upside move.