Hi Traders! AUDUSD forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting and useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available! This analysis will be based on price action trading (if you want to learn about price action trading, you can watch this video here).
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.
AUDUSD H4(4 Hours) Chart Analysis
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.
Also don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Happy Trading!
Yordan Kuzmanov
Chief Trader at the Traders Academy Club
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Thank you sir