On the weekly chart we can see price complete the Swing Low, also price has formed a bullish hammer. In addition price even met the 0.385 fib. On the Daily chart we can see price form a huge candlestick to the upside this candlestick engulfed 4 previous candlesticks.
On the 4 hour i am waiting for price to break above the trend line and key level. once broken i will enter for a long position. 👀🙊Will be updating on my story on a daily basis. ✔
AUDUSD daily chart requested by @certricfx. The price is moving inside a huge weekly ascending trendchannel which is displayed in grey. The two major key levels we should keep in mind are the 0.7740 level as an important support/demand level - and the 0.8060-0.8080 range as an important resistance/supply area. Currently, we can't recommend any local trading ideas because the price is exagerrated. Our bias is still bullish (longterm) but it's advisable to stay on the sidelines instead of jumping in in the middle of the rally. We are expecting a retracement - e.g. down to the 0.7740 demand area - before the price continues to the upside.
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