AUDUSD Short Term Forecast Follow Up and Update

Hi Traders! AUDUSD short term forecast follow up and update is here. On June 20th, 2024 I shared this “AUDUSD Technical Analysis And Short Term Forecast” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the the Home Trader Club. Spoiler alert – free memberships are available!

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My Idea:

On the H4 chart, after the strong bullish move currently, it looks like a correction is happening in the form of a range. This range is formed by the highs and lows reaching parallel support and resistance zones. The price which is moving inside this range has currently reached near the top of the range. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as evidence of bullish pressure. So everything looks good here for the bulls and a valid breakout above the top of the range would be the validation for this bullish view. Alternatively, if we get a valid breakout below the bottom of this range then this bullish view will be invalidated.

AUDUSD H4(4 Hours) Chart Current Scenario

As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted to us and took the right action according to that.

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Happy Trading!

Arvinth Akash
Home Trader Club Team.

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