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AUDUSD H4(4 Hours) Chart Analysis – Bearish Channel, Key Support Zone
On the H4 chart, we have a bearish channel that has formed which started on 6th January 2021. This channel is formed by the highs and lows reaching parallel support and resistance zones. The price which is moving lower has currently reached below the middle of this channel and is nearing the bottom of it. While measuring the big and small waves we have inside this channel, we have a key support zone that has formed based on the 100% (0.76369)Fibonacci expansion level of the first wave, the 100%(0.76657), and the 161.8% (0.76155) Fibonacci expansion levels of the second wave. Currently, the price which is moving lower has reached this key support zone. We also have a potential bullish divergence that is forming at the moment and also there are no signs opposing this bullish view. Until this key support zone holds my view remains bullish here and I expect the price to move higher further.
Technical Analysis & Forecast Summary
AUDUSD H4(4 Hours) Chart Analysis
- Bearish Channel, Key Support Zone
Trading Tips
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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Happy Trading!
Yordan Kuzmanov
Chief Trader at the Traders Academy Club
Thank you sir