AUDUSD - Potential Long
On a higher tf, price is sitting on a discount area (gray zone).
We see weakness as shown by AO through divergence.
On a lower time frame, we see a trendline being broken upwards.
This can be considered a change of character. (two previous highs were taken out - yellow lines).
If the price will continue to go up, it could tap into the nearest discount zone (black zone), before continuing upwards.
We see weakness as shown by AO through divergence.
On a lower time frame, we see a trendline being broken upwards.
This can be considered a change of character. (two previous highs were taken out - yellow lines).
If the price will continue to go up, it could tap into the nearest discount zone (black zone), before continuing upwards.
Note
daily tf, a huge beairsh rejection as seen through a wick. this setup could fail.Note
remapped chart - ibb.co/k0ZCDcWNote
result - ibb.co/GQdn0SL
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.