AUDUSD

Get in-depth market analysis and trading strategies for AUD/USD. Analyze daily, 4-hour, and 1-hour charts to identify trends, support/resistance levels, and actionable trading ideas. Learn how to use technical indicators for trade confirmations and manage risk with defined entry and exit points.

fourtrades fourtrades
Jun 29, 2024 - 14:47 Updated: Jun 30, 2024 - 14:06
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AUDUSD

Trade Idea and Market Analysis for AUD/USD

Daily Chart Analysis

Based on the daily chart:

  • Current Trend: The market is in a consolidation phase within a broader ascending triangle pattern.
  • Key Levels:
    • Resistance: 0.68130
    • Support: 0.65904
  • Indicators: The price is trading above the 50-day EMA (0.66197), indicating a potential bullish bias.
  • Trade Strategy:
    • Bullish Scenario: A break and close above the resistance level at 0.68130 will confirm a buy signal. The target could be the next resistance level or a measured move from the base of the triangle.
    • Bearish Scenario: A break and close below the support level at 0.65904 will confirm a sell signal. The target could be the next significant support level around 0.64644.

4-Hour Chart Analysis

Based on the 4-hour chart:

  • Current Trend: The market is oscillating within a defined range between 0.66400 and 0.67000.
  • Key Levels:
    • Resistance: 0.67000
    • Support: 0.66400
  • Trade Strategy:
    • Bullish Scenario: A break above 0.67000 will confirm a buy signal with an initial target of 0.67500.
    • Bearish Scenario: A break below 0.66400 will confirm a sell signal with an initial target of 0.65800.

1-Hour Chart Analysis

Based on the 1-hour chart:

  • Current Trend: The market shows signs of forming a head and shoulders pattern, suggesting a potential reversal.
  • Key Levels:
    • Resistance: The recent highs around 0.66716
    • Support: The neckline around 0.66300
  • Indicators:
    • EMA: The price is currently hovering around the 20-period EMA (0.66606).
    • RSI: The RSI is at 59.40, indicating no immediate overbought or oversold conditions.
  • Trade Strategy:
    • Bearish Scenario: Sell confirmation if the market closes below the 20 EMA and the neckline at 0.66300. The target could be around 0.65900, followed by 0.65600 if the downward momentum continues.
    • Bullish Scenario: If the price breaks and sustains above the recent highs (0.66716), it may target the next resistance level at 0.67000.

Summary

  • Primary Trend: Consolidation within an ascending triangle on the daily chart.
  • Bullish Strategy: Wait for a breakout above the resistance levels (0.68130 on daily, 0.67000 on 4-hour, and 0.66716 on 1-hour).
  • Bearish Strategy: Wait for a breakdown below the support levels (0.65904 on daily, 0.66400 on 4-hour, and 0.66300 on 1-hour).

Note: Always use appropriate risk management techniques, such as stop-loss orders, to protect against adverse market movements. Consider potential market-moving events and news that may impact the AUD/USD pair.

Note: Always use appropriate risk management techniques, such as stop-loss orders, to protect against adverse market movements. Consider potential market-moving events and news that may impact the MARKET pair.

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