Possible long from 0.7080ish, traders...
With the Australian dollar trading lower following RBA meeting minutes early Tuesday, the H4 candles eventually reclaimed 0.71 to the downside. The next stop on this timeframe is seen around 0.7079, a 50.0% support that fuses with channel support extended from the low 0.7003. Further to this (black arrows), a nice-looking AB=CD bullish pattern also completes around 0.7079 as well.
On more of a broader perspective, both weekly and daily flow exhibit scope to explore higher ground this week. Weekly action shows room to push as far north as its trend line resistance taken from the high 0.8135 and daily movement has space to advance towards channel resistance extended from the high 0.7295.
Areas of consideration:
Having seen higher-timeframe price action yet to connect with its respective resistances, a long from 0.7080ish today is an idea. Although housing limited confluence from the higher timeframes, local H4 confluence is strong, supporting at least a bounce towards 0.71. With a stop-loss order tucked 2 points beneath the 61.8% Fibonacci support value at 0.7070, an entry from 0.7080 boasts reasonable risk/reward.
Today’s data points: FOMC Economic Projections; FOMC Statement; Federal Funds Rate Decision; FOMC Press Conference.
On more of a broader perspective, both weekly and daily flow exhibit scope to explore higher ground this week. Weekly action shows room to push as far north as its trend line resistance taken from the high 0.8135 and daily movement has space to advance towards channel resistance extended from the high 0.7295.
Areas of consideration:
Having seen higher-timeframe price action yet to connect with its respective resistances, a long from 0.7080ish today is an idea. Although housing limited confluence from the higher timeframes, local H4 confluence is strong, supporting at least a bounce towards 0.71. With a stop-loss order tucked 2 points beneath the 61.8% Fibonacci support value at 0.7070, an entry from 0.7080 boasts reasonable risk/reward.
Today’s data points: FOMC Economic Projections; FOMC Statement; Federal Funds Rate Decision; FOMC Press Conference.
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