Hi Traders! AUDUSD bullish opportunity update and follow up is here. In the below video you will find a detailed explanation of this potential buy setup:
In the previous post here I mentioned “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”. Lets see how this setup has developed now.
AUDUSD H4 Chart:
On the H4 chart the price moved exactly as per our plan. The pullbacks that we were looking for happened with bullish hidden divergence and then the price moved higher as expected. We have collected nice profits so far.
I do believe that the price might move much higher because this setup is now developing a five wave structure and its now forming possible bearish divergence. We are reaching the previous swings which are the touch points of our channel. We also have a critical zone which is slightly higher, we may now expect one more push higher from the current zone towards this critical zone with the bearish divergence completing itself. From the critical zone we may look for possible deeper correction towards the supportive zone, 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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