AUDUSD 4hour Analysis May 23rd, 2021
AUDUSD Neutral Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: Higher timeframes point to bullish on AU, but we can clearly see that we have been stuck in a range for a while. Assuming price action continues with the overall bullish trend, look for a strong reversal at our support near 0.77150. Look to target higher toward the top of the range.
Trade scenario 2: For us to consider AU bearish we need to see a lower high below support at 0.77150. We can also clearly see a 4hour head and shoulders pattern with the neckline being right near our key support. This is confluence at it’s finest and if we see the lower high below support we will also see plenty of confirmation for an entry,
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: Higher timeframes point to bullish on AU, but we can clearly see that we have been stuck in a range for a while. Assuming price action continues with the overall bullish trend, look for a strong reversal at our support near 0.77150. Look to target higher toward the top of the range.
Trade scenario 2: For us to consider AU bearish we need to see a lower high below support at 0.77150. We can also clearly see a 4hour head and shoulders pattern with the neckline being right near our key support. This is confluence at it’s finest and if we see the lower high below support we will also see plenty of confirmation for an entry,
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