PRICE ACTION ANALYSIS ON THE AUD/USD
The daily time frame is currently resting on a key zone at 0.72468, with all prospects expecting it to trade lower. however, a confirmation candle like a pin bar is key and in the presence of that, a corresponding bullish chart pattern on a lower timeframe like the 15 or 30 mins would give an entry to this analysis.
In a case where the market breaks above the key zone of roughly around 0.72468, the bigger move has set into a bullish one and a retracement back to the same key zone before a bullish confirmation on the smaller time frame and then the entry for the trade. The market as it stands is set in two ways, either respect the key zone and trade lower, or break above the key zone, pull back before trading far higher to the next major key zone above.
In a case where the market breaks above the key zone of roughly around 0.72468, the bigger move has set into a bullish one and a retracement back to the same key zone before a bullish confirmation on the smaller time frame and then the entry for the trade. The market as it stands is set in two ways, either respect the key zone and trade lower, or break above the key zone, pull back before trading far higher to the next major key zone above.
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.