AUD/USD Potential Short-Term Bullish Trade
The weekly chart just formed a bullish engulfing candle and closed just above the 50 ema. The weekly overall is making higher lows. There is a clear ascending triangle formed, so this could potentially pop to the weekly highs. On the daily chart, we just got confirmation of the weekly by forming a double bottom and then a strong move forming a higher high. It also closed above a good S/R zone, the 50 ema, as well as previous highs. I will be looking for a quick pullback to the daily 50, S/R, and .382 fib for a possible long targeting the next daily S/R level. The 4H chart just broke back above the 50 ema and made a higher high as well after a bearish intraday trend. I will be looking for an entry around the 4H 50 ema with 1H confirmation before considering a position.
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