A+ Setup on AUDUSD
Updated
Asset: AUDUSD
Bias: Bullish
Price range: 0.6525 ~ 0.6500
Confluences;
Invalidation level: A close below 0.6485
Volatility: US consumer confidence and job openings on Tuesday, AUD inflation YoY prints 9 hours later, FOMC 18 hours after Aussie's inflation print
My ideal trigger is a bounce at our confluent level, followed by a break of the current descending channel.
Bias: Bullish
Price range: 0.6525 ~ 0.6500
Confluences;
- 61.8% retracement of 2023’s 4th quarter bullish rally
- 100% extension of the first bearish wave from 28 Dec to 5 Jan (Healthy corrections appear in 2 equal legs) (Elliot wave) (Harmonics)
- Level held as support during the first 7 months of 2023, price closed twice below this level but subsequently rallied away from this level the next day on both occasions.
- Descending channel formation
Invalidation level: A close below 0.6485
Volatility: US consumer confidence and job openings on Tuesday, AUD inflation YoY prints 9 hours later, FOMC 18 hours after Aussie's inflation print
My ideal trigger is a bounce at our confluent level, followed by a break of the current descending channel.
Trade active
Price has broken out of the descending channel. We can confirm that 0.6530 was a significant low on the 17th of Jan. Green light for buying opportunities.
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