AUD/USD Bullish Trade Set Up! A lot of Confirmation! Tap In Now!
We are seeing AUD/USD rebound from a 4-day bearish push to .61300 to new highs around the .62000 level. The .62000 level has been holding strong as a resistance level; four separate times it has held the market below it.
It has now broken back above previous lows and is now retesting to the support line and is looking to move around the .61800 level.
We are also hovering between the 50 and 200 EMA levels, with the EMAs starting to converge.
Another sign we see is an inverse shoulder head shoulder on the 1 hour. The low of the right shoulder is the black box at .61700, and we don't want to see the market break below that point. If it breaks below the black low box, it is an indication of bearish strength.
Move Summary: We want to see it make a move to break through the .62000 level to break into more buy territory and create new highs. A break above the 200 EMA would be another signal for bullish confirmation. Our target will be the MONEY box for a 3:1 trade.
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It has now broken back above previous lows and is now retesting to the support line and is looking to move around the .61800 level.
We are also hovering between the 50 and 200 EMA levels, with the EMAs starting to converge.
Another sign we see is an inverse shoulder head shoulder on the 1 hour. The low of the right shoulder is the black box at .61700, and we don't want to see the market break below that point. If it breaks below the black low box, it is an indication of bearish strength.
Move Summary: We want to see it make a move to break through the .62000 level to break into more buy territory and create new highs. A break above the 200 EMA would be another signal for bullish confirmation. Our target will be the MONEY box for a 3:1 trade.
Like, Comment, and Follow if you agree with this Idea! Let's Connect!
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~ Ace Trading Academy
Discord Link: discord.gg/8jt52YTvzq
Discord Link: discord.gg/8jt52YTvzq
~ Ace Trading Academy
Discord Link: discord.gg/8jt52YTvzq
Discord Link: discord.gg/8jt52YTvzq
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