Hi Traders! AUDUSD bullish convergence provides buy opportunity for us. In the below video you will find a detailed explanation of this potential buy setup:
AUDUSD D1 Chart:
On the daily chart the price is moving inside a bearish channel and the price which is respecting it so far has now reached the top of this channel. Currently it looks like the price is breaking above the top of this channel. In addition to this we have two false breaks with divergence which is followed by higher highs thus creating a bullish convergence, which we may consider as evidences of bullish pressure. We may now expect pullbacks to happen and then we may look for buys.
AUDUSD H4 Chart:
On the H4 chart we have an uptrend line that has formed and the price is respecting it so far. We may now look for pullbacks to happen towards this dynamic support with bullish hidden divergence to form, we may then start looking for buys with bullish evidences.
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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