AUDUSD Technical Analysis And Short Term Forecast

0
147
AUDUSD Short Term Forecast And Technical Analysis

Hi Traders! AUDUSD technical analysis and short-term forecast is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting useful tips and hacks about the MT4 platform could be found here. The way I would like to analyze the chart for setups is based on multi-timeframe confirmations because in my POV if we get more evidence on different timeframes for the same direction then it makes the setup much more reliable. If you would like to learn more about the way we trade and the technical analysis we use then check out the  Home Trader Club Spoiler alert – free memberships are available! Let’s start our analysis from the highest timeframe which will be the daily chart here.

AUDUSD D1(Daily) Chart Analysis – Key Resistance Zone, Bearish Divergence, Volumes Indicator

On the daily chart, the price reached a key resistance zone that has formed based on the 161.8%(0.68525) Fibonacci expansion level of the first wave and the 61.8%(0.70112) Fibonacci expansion level of the second wave. Also, we have a bearish divergence that has formed between the first high formed at 0.67973 and the second high formed at 0.70631 based on the MACD indicator which we may consider as evidence of bearish pressure. In addition to this, based on the Volumes indicator we could see that the volumes are dropping, we may consider this as yet another evidence of bearish pressure. We may now move down to one timeframe lower and look for evidence supporting this short-term bearish view.

 

AUDUSD Technical Analysis And Short Term Forecast

 

 

AUDUSD H4(4 Hours) Chart Analysis – Bearish Divergence, Lower Lows, RSI Indicator

On the H4 chart, we have a bearish divergence that has formed here as well, between the first high formed at 0.69495 and the second high formed at 0.70631 based on the MACD indicator which we may consider as evidence of bearish pressure. The price then moved lower and broke below the last low at 0.69295 thus creating lower lows which we may consider as another evidence of bearish pressure. Also in addition to this, we have an uptrend line breakout based on the RSI indicator, which we may consider as yet another evidence of bearish pressure. So everything looks good here for the bears and until the key resistance zone (marked in red) shown in the image below holds my short-term view remains bearish here and I expect the price to move lower further.

 

AUDUSD Technical Analysis And Short Term Forecast

 

Technical Analysis & Forecast Summary

AUDUSD D1(Daily) Chart Analysis 

  • Key Resistance Zone, Bearish Divergence, Volumes Indicator

AUDUSD H4(4 Hours) Chart Analysis 

  • Bearish Divergence, Lower Lows, RSI Indicator

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 short-term sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.

Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?

I invite you to

Join Home Trader Club Now

And improve your trading with us.

Also, you can get one of our strategies free of charge. You will find all the details here

Download our best forex indicators here

 

If you have any further questions, don’t hesitate to drop a comment below!

 

Happy Trading!

Arvinth Akash
Home Trader Club Team.

Click To Join Our Community Telegram Group

Advertisement

How to Invest in Amazon

4 Advantages of Amazon Investing - Read More

  • Amazon’s net a bullish 450% 5-year gain
  • Amazon’s ROI is 6x’s the S&P 500 Index of 67%
  • AMZN shares may hit +$10,000 by mid-November 2024
  • Amazon’s growth since IPO tops more than 12,000%

Now is the time to invest in Amazon

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments