AUD/USD Market Analysis (Daily, 4H, and 1H Charts)

This comprehensive analysis of the AUD/USD pair examines the daily, 4-hour, and 1-hour charts to identify key trading opportunities. The analysis highlights potential bullish and bearish scenarios, providing actionable trading plans based on technical patterns and price action. Discover detailed insights into the AUD/USD currency pair with our latest market analysis. We break down the daily, 4-hour, and 1-hour charts, highlighting key support and resistance levels, potential breakout zones, and actionable trading strategies. Stay ahead of the market with our in-depth technical analysis and well-defined trading plans.

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Jul 10, 2024 - 10:14 Updated: Jul 11, 2024 - 14:20
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AUD/USD Market Analysis (Daily, 4H, and 1H Charts)

Overview

This analysis covers the AUD/USD currency pair, focusing on the daily, 4-hour, and 1-hour charts to provide a comprehensive outlook on potential price movements. The analysis leverages technical indicators, chart patterns, and price action to outline possible trading opportunities and scenarios.

Daily Chart Analysis

Key Observations:

  • The price is currently trading within an ascending triangle pattern, indicating potential bullish continuation.
  • There is a significant resistance zone around the 0.6850 - 0.6900 area, which the price is approaching.
  • A successful breakout above this resistance could lead to a strong upward move, targeting the 0.7000 psychological level.
  • However, a retest of the lower trendline of the triangle around 0.6650 could occur before any breakout.

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Trading Plan:

  • Bullish Scenario: Wait for a breakout above the 0.6900 resistance zone with confirmation. Enter long positions targeting 0.7000 and 0.7100.
  • Bearish Scenario: If the price fails to break above 0.6900 and shows signs of rejection, consider short positions targeting the lower trendline around 0.6650.

4-Hour Chart Analysis

Key Observations:

  • The 4-hour chart shows a strong uptrend with higher highs and higher lows, confined within a rising channel.
  • The price is currently consolidating below a resistance zone at 0.6750, with potential for either a breakout or a pullback.
  • A retest of the previous resistance, now support, around 0.6700 could provide a good buying opportunity.

Weekly Market Analysis for EUR/USD: Daily, 4-Hour, and 1-Hour Charts

Trading Plan:

  • Bullish Scenario: Look for a breakout above 0.6750 with strong bullish momentum. Enter long positions targeting 0.6800 and 0.6850.
  • Bearish Scenario: If the price breaks below 0.6700, consider short positions targeting the lower channel support around 0.6650.

1-Hour Chart Analysis

Key Observations:

  • The 1-hour chart highlights a short-term consolidation within a smaller ascending channel.
  • Immediate support is around 0.6740, with resistance at 0.6760.
  • A breakout from this consolidation phase could set the tone for the next major move.

Trading Plan:

  • Bullish Scenario: Enter long positions on a breakout above 0.6760, targeting 0.6780 and 0.6800.
  • Bearish Scenario: Enter short positions on a breakdown below 0.6740, targeting 0.6720 and 0.6700.

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07/10/2024

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