AUDUSD Technical Analysis and Trade Idea
👀 👉 The Australian Dollar to US Dollar exchange rate (AUDUSD) has recently broken through significant support levels on both daily and 4-hour charts. This breach suggests a potential continuation of the downward trend, aligning with the broader market sentiment. Based on this, I expect the pair may test its previous lows, as indicated on the chart, before potentially retracing to a point of equilibrium.
My trading approach for this scenario involves patience. I plan to wait for a bullish pullback and position myself for a potential sell opportunity when the price reaches the 50-61.8% Fibonacci retracement level, which could provide an attractive entry point for a short position.
It's important to emphasize that this analysis is based on probabilities rather than certainties. Waiting for clear price confirmation before entering any trades is crucial, as detailed in the accompanying video. This analysis provides an in-depth look at the current trend, market structure, and price behavior.
Please note that this information is provided for educational purposes only. Trading carries significant risks, and implementing robust risk management strategies should always be a top priority. 📈✅
My trading approach for this scenario involves patience. I plan to wait for a bullish pullback and position myself for a potential sell opportunity when the price reaches the 50-61.8% Fibonacci retracement level, which could provide an attractive entry point for a short position.
It's important to emphasize that this analysis is based on probabilities rather than certainties. Waiting for clear price confirmation before entering any trades is crucial, as detailed in the accompanying video. This analysis provides an in-depth look at the current trend, market structure, and price behavior.
Please note that this information is provided for educational purposes only. Trading carries significant risks, and implementing robust risk management strategies should always be a top priority. 📈✅
Note
AUDUSD retracing as mentioned. Keep an eye on PPI later today for clues as to USD strength or weakness. If data supports USD strength we can look to sell the AUDUSD, however if the data release supports USD weakness I wont be buying AU as higher timeframe is currently trending bearish (see 1D and 4H). 
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👀 👉 HERE'S HOW I TRADE FOR A LIVING - video:
🔗 youtu.be/wUBswvlOttw
👀 👉 MORE Trade Signals on Telegram:
🔗 t.me/anthonys_forex
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