This chart shows a bullish setup for AUD/USD on the daily timeframe. Here’s a breakdown of the buy setup:
1. Support Zone (Green Box)
The price is reacting from a strong support zone around 0.6187 - 0.6200, where buyers are stepping in.
This area aligns with previous demand zones and a possible trendline support (yellow lines).
2. Bullish Chart Pattern (Symmetrical Triangle)
A symmetrical triangle is forming, with price bouncing from the lower trendline.
A breakout above the upper trendline may confirm a bullish continuation.
3. Fibonacci Retracement Levels
The chart includes Fibonacci retracement levels from a previous downtrend.
The 23.6% retracement level (near 0.6297) is currently acting as resistance.
The key targets are 61.8% (0.6619) and 70% (0.6689), marked by the green resistance box.
4. Upside Targets (Take Profit Levels)
The first major target is 0.6690 (green resistance box at 70% Fib).
The second target is 0.6945, which is the previous major high.
5. Entry & Confirmation
Buy Entry: Near 0.6200 - 0.6250 (support zone).
Stop Loss: Below 0.6180 (previous low).
Take Profit 1: 0.6689 (Fib 70% level).
Take Profit 2: 0.6945 (previous high).
6. Trend Reversal Potential
The price has been in a downtrend but is now forming a possible trend reversal.
If the triangle breaks upward, the market could start a new bullish phase.
This setup is based on technical analysis, and traders would typically wait for a breakout confirmation or additional bullish candlestick patterns before entering the trade.
1. Support Zone (Green Box)
The price is reacting from a strong support zone around 0.6187 - 0.6200, where buyers are stepping in.
This area aligns with previous demand zones and a possible trendline support (yellow lines).
2. Bullish Chart Pattern (Symmetrical Triangle)
A symmetrical triangle is forming, with price bouncing from the lower trendline.
A breakout above the upper trendline may confirm a bullish continuation.
3. Fibonacci Retracement Levels
The chart includes Fibonacci retracement levels from a previous downtrend.
The 23.6% retracement level (near 0.6297) is currently acting as resistance.
The key targets are 61.8% (0.6619) and 70% (0.6689), marked by the green resistance box.
4. Upside Targets (Take Profit Levels)
The first major target is 0.6690 (green resistance box at 70% Fib).
The second target is 0.6945, which is the previous major high.
5. Entry & Confirmation
Buy Entry: Near 0.6200 - 0.6250 (support zone).
Stop Loss: Below 0.6180 (previous low).
Take Profit 1: 0.6689 (Fib 70% level).
Take Profit 2: 0.6945 (previous high).
6. Trend Reversal Potential
The price has been in a downtrend but is now forming a possible trend reversal.
If the triangle breaks upward, the market could start a new bullish phase.
This setup is based on technical analysis, and traders would typically wait for a breakout confirmation or additional bullish candlestick patterns before entering the trade.
Note
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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.
For Training visit.
Website wave-trader.com
Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
Website wave-trader.com
Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
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.