Hi Traders! AUDUSD bullish channel provides buy opportunity for us. We were after sells with this pair and the push lower we were waiting for happened, so now its time to switch for bullish and buy setups. A detailed analysis of this buy setup is as follows:
AUDUSD H4 Chart:
On the H4 chart the price is moving inside a bullish channel, this channel is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these two zones so far. Currently the price is nearing the bottom of this bullish channel. We also have a potential double cycle down that has formed and based on the fibo extension levels of the first leg of this double cycle we have two potential zones (the 61.8% and 100%). The price has currently reached the 61.8% if this zone holds, we may then look for bullish evidences and can go long with the breakout of the downtrend line. Alternatively if the price breaks below this zone then the next zone to look for the bullish reversal to happen is the 100% fibo extension level.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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