FULL AUDUSD ANALYSISHello my wonderful community !
I’m back again
I really appreciate you guys for reviewing my charts
Kindly like and comment on how you feel the market will go , I’m open to learn and communicate with other hardworking traders on here.
The colors for each line/zone
Monthly - Yellow
Weekly - Orange
Daily - Green
4H - Red
1H - Purple
My Monthly chart view:
Ever since 2021, price has been in a downtrend by making Lower highs and Lower lows.
Price breaks a major Support area and turns it to a dynamic resisitance area and respects the EMA 50.
Take note as price is in a range and respecting the newly formed monthly resistance line (0.7050) and support line (0.6300).
My Weekly chart view:
Going into the weekly TimeFrame, it is truly clear that bears has been in full control of price from 2022 until 2023 displaying a down trend.
Price is currently not making lower lows and has been ranging from the beginning of 2023 till recent
Last week price made a new higher high.
Going down further to get clarity
My Daily chart view:
Price is in an uptrend after breaking the daily resistance in green (0.68700), Waiting on a retest or more volume from the bulls to see price start heading for the Monthly resistance line in yellow.
Until then I will go down to smaller timeframes to see market setups
My 4H chart view:
As we move into the smaller timeframe of the 4H period, the market seems to be clearer
So I’ll go further and look for buy Setups as bulls seems to be coming in strong with rising momentum after the break of the daily resistance line in green(0.68700)
To play safe for me to feel comfortable in capturing a buy setup , I’m waiting for a few confluence to put the odds in my favor , probably wait till the end of the first week of October
My 1H chart view:
On the hourly and anything below this timeframe , I can choose to capitalize by scalping and looking for buy entries that is validated by my own trading style
Fibonacci tool will be good once I can see a formation of the last trend line, I’m patiently waiting for the market to reveal itself.
I will be back to review this trade and see how things go
Avoid entry of any trade during any major news that will affect price and this is not financial advise
-> NEWSCHOOLTRADER
