📈 Ready for a Bullish Bounce? 📈
🧠 Technical Breakdown: AUD/USD has dropped to a key support line around 0.64254 on the 4H chart — a critical level where buyers have stepped in before. After the recent breakdown from the descending trendline, price action is showing signs of a pullback with potential for a reversal as it tests this support zone.
📍 Key Insights:
◾ Support Line: Strong historical demand zone at 0.64254 holding firm.
◾ Pullback Setup: Price consolidating near support — signs of buyer interest.
◾ RSI Divergence: Oversold conditions hinting at a potential bounce.
◾ Target Zone: 0.67000 — aiming for the next major resistance area.
🎯 Trade Setup:
🔴 Entry: 0.6300 (on confirmation of support holding)
🟢 Stop Loss: 0.61000 (below the support zone for safety)
🎯 Target: 0.67000 — key resistance and take-profit zone
⚠ Pro Tip: Watch for a bullish candlestick pattern like a hammer or engulfing at the support line before entering — don’t rush the trade!
🔥 Final Thoughts: AUD/USD is setting up for a potential bounce from this support line. If buyers defend this level, we could see a strong move toward 0.67000. Stay sharp and manage your risk!
🧠 Technical Breakdown: AUD/USD has dropped to a key support line around 0.64254 on the 4H chart — a critical level where buyers have stepped in before. After the recent breakdown from the descending trendline, price action is showing signs of a pullback with potential for a reversal as it tests this support zone.
📍 Key Insights:
◾ Support Line: Strong historical demand zone at 0.64254 holding firm.
◾ Pullback Setup: Price consolidating near support — signs of buyer interest.
◾ RSI Divergence: Oversold conditions hinting at a potential bounce.
◾ Target Zone: 0.67000 — aiming for the next major resistance area.
🎯 Trade Setup:
🔴 Entry: 0.6300 (on confirmation of support holding)
🟢 Stop Loss: 0.61000 (below the support zone for safety)
🎯 Target: 0.67000 — key resistance and take-profit zone
⚠ Pro Tip: Watch for a bullish candlestick pattern like a hammer or engulfing at the support line before entering — don’t rush the trade!
🔥 Final Thoughts: AUD/USD is setting up for a potential bounce from this support line. If buyers defend this level, we could see a strong move toward 0.67000. Stay sharp and manage your risk!
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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.
Related publications
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.