AUDUSD - Neutral H4 and Weekly
Bullish
May be buyers at the 100 and 200 SMA's
Moving averages are trending up and spread apart so if price manages to stay above or consolidate above them it may re-test that high
Boxed area is at 50% pullback area from previous leg up, sellers beware
We are also only on the 2nd thrust upward from a weekly demand zone, there may be a 3rd before price reverses
HH and HL trend is in place so we expect a HL here to hold if not then see below
Bearish
Weekly TF: Bearish engulfing candle with 200 MA directly above
H4 TF: Prior support area (highlighted blue) was taken out so may re-test this area before heading downwards
Would expect resistance at the 200 if price drops below it and then subsequent removal of prior demand levels (support )at daily and weekly TF (orange and red lines) for continuation of downward trend
Will be watching price in the box and defined risk will be ~20 pips, if price pokes its head out of box will look for re-tests above or below box lines to trade in that direction
Ultimately neutral and wait for price
May be buyers at the 100 and 200 SMA's
Moving averages are trending up and spread apart so if price manages to stay above or consolidate above them it may re-test that high
Boxed area is at 50% pullback area from previous leg up, sellers beware
We are also only on the 2nd thrust upward from a weekly demand zone, there may be a 3rd before price reverses
HH and HL trend is in place so we expect a HL here to hold if not then see below
Bearish
Weekly TF: Bearish engulfing candle with 200 MA directly above
H4 TF: Prior support area (highlighted blue) was taken out so may re-test this area before heading downwards
Would expect resistance at the 200 if price drops below it and then subsequent removal of prior demand levels (support )at daily and weekly TF (orange and red lines) for continuation of downward trend
Will be watching price in the box and defined risk will be ~20 pips, if price pokes its head out of box will look for re-tests above or below box lines to trade in that direction
Ultimately neutral and wait for price
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