A Golden Opportunity for Buyers?
The AUDUSD has been on a bit of a slide since the end of 2023, but now it's shaping up to look like a solid pick for a short-term buy that could turn into a longer term move here's why.
We're hitting a really important spot on the charts - the Monthly BUY zone that popped up last November after a big jump from the low in early October.
Back in October, I shared an idea about buying when price dipped below 0.63, aiming for a climb up to 0.68. That’s exactly what has happened (you can check out related post below).
Now, if you take a look at the Daily chart below, you'll notice the price is starting to slow as it gets closer to the 0.645 support level, which was a previous resistance area.
What’s got me interested in this BUY idea is just as we touched the 0.645 support this week, my TRFX indicator popped up with a strong bullish signal. And when we zoom into the 4-hour charts, we're seeing even more buy signals occurring alongside slowly momentum.
All this is telling me it’s a pretty good time to think about buying, aiming for a rise up to 0.67 or even higher.
I’m thinking of putting a tight stop loss around 0.642 just in case things go south. But, if it does drop below 0.64, that might just be another chance to buy, as it could mean a deeper dip into the Monthly BUY zone.
For now, I’m getting in on this pair and will keep an eye on how things unfold.
Hope you found this interesting!
We're hitting a really important spot on the charts - the Monthly BUY zone that popped up last November after a big jump from the low in early October.
Back in October, I shared an idea about buying when price dipped below 0.63, aiming for a climb up to 0.68. That’s exactly what has happened (you can check out related post below).
Now, if you take a look at the Daily chart below, you'll notice the price is starting to slow as it gets closer to the 0.645 support level, which was a previous resistance area.
What’s got me interested in this BUY idea is just as we touched the 0.645 support this week, my TRFX indicator popped up with a strong bullish signal. And when we zoom into the 4-hour charts, we're seeing even more buy signals occurring alongside slowly momentum.
All this is telling me it’s a pretty good time to think about buying, aiming for a rise up to 0.67 or even higher.
I’m thinking of putting a tight stop loss around 0.642 just in case things go south. But, if it does drop below 0.64, that might just be another chance to buy, as it could mean a deeper dip into the Monthly BUY zone.
For now, I’m getting in on this pair and will keep an eye on how things unfold.
Hope you found this interesting!
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