My first public analysis. By no means am I a pro or have a great success rate. Just an idea I want to put out there. On this AUDUSD chart we see the price following a clear long trend-line on the 4 hour timeframe. Using the fib retracement tool we see the recent low at (0.7500) and recent swing high at the (0.8110) level. Based off of this leg, we see the 50% retracement level at the (0.77800) level which price is currently at. We saw the market try to break this zone a couple times and failing to further confirm that a potential long position is at play. A daily support zone at the (0.7767) level is yet another indication for a long trade. Finally RSI is showing this pair is highly oversold and the bears are exhausted from pulling the bulls by the horns. Target for this pair can be found using the fib. extension tool and shows the .38 at (0.800) which is the first target and then the .618 at (0.814) which would be the second target. Await for the 4 hour to close above (.7790) and enter on that confirmation.
Thanks for checking out my analysis and feel free to critique and comment on my post.
Thanks for checking out my analysis and feel free to critique and comment on my post.