Hi Traders! Today I share with you an interesting buy setup in AUDUSD. The way I would like to analyze the chart for setups is based on muti-timeframe confirmations because in my POV if we get more evidences 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 Traders Academy Club. Spoiler alert – free memberships are available!
AUDUSD D1 (Daily) Chart Analysis – Bullish Channel
On the daily chart the price is moving inside a bullish channel, generally a channel is formed based on two parallel trend lines (if you want to learn more about channels you can find it here). The price is respecting this dynamic resistance and support so far, currently it has reached the middle of the channel after bouncing from the level and as long as the bottom of the channel holds we may look for possible buy opportunities with bullish evidences on lower timeframes. Now lets move to one timeframe lower (H4) and see if it supports this bullish view.
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AUDUSD H4 (4 Hours) Chart Analysis – Bullish Flag Pattern
Looking at the evidence in the H4 chart to support the bullish view we can find that the there was a good bullish momentum and the price was moving higher, currently it looks like a pullback is happening in the form of a bullish flag pattern (you can learn about how to trade with flag pattern in my free e-book here). Until this pattern holds we may expect possible continuation to the upside. So on the whole the bottom line we see here is that the H4 chart supports our bullish view.
AUDUSD H1 (1 Hour) Chart Analysis – Two Important Support Zones
On the H1 chart while measuring the first wave from the first swing high at 0.68618 to the swing low at 0.68132 and the second swing high at 0.68546 using the Fibonacci expansion tool we can see that we have two important support zones that has formed. The first support zone is formed around the level of 61.8% fibonacci expansion level at around 0.68239 and the price has currently reached this first zone, until it holds we may look for bullish setups with bullish evidences (candle stick patterns, false breaks, trend line breakout etc…) in order to join the bulls. Alternatively if the price moves lower further then the next important level to look for bullish setups with bullish evidences (candle stick patterns, false breaks, trend line breakout etc…)which has formed based on the 100% Fibonacci expansion level at 0.68049 and the bottom of the H4 bullish flag pattern would be the second support zone.
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AUDUSD Technical Analysis & Forecast Summary
AUDUSD D1 (Daily) Chart Analysis:
- Bullish Channel
AUDUSD H4 (4 Hours) Chart Analysis:
- Bullish Flag Pattern
AUDUSD H1 (1 Hour) Chart Analysis:
- Two Important Support Zones
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