AUDUSD Long Opportunity

2023年7月13日

AUDUSD is on a bullish assault and is currently offering buys for the near-term
Here is my rationale:

Weekly:
-we broke structure on the weekly to the upside recently, especially after a long time being
both ranging and marginally bearish
-we printed two strong wicks in the past two weeks to the downside, the last culminating into
a hammer candle
-this indicates that we have exhaustion after the strong retracement we experienced on the
pair three weeks ago
-the hammer gave a hint of bullish momentum stepping into the market
-we are currently in the overall bullish continuation phase on this time frame

H4:
-we have broken structure to the upside and are, today, strongly pushing to the upside
-we have had a clear bullish dominance in the market and I am seeking this momentum
to carry on to the 0.69000 level, where the June high leveled out and is a potential
source of liquidity if we are to shift direction to the downside

Midrange (H1)
-we are strongly bullish
-the weekly high at 0.68830 and the June high at 0.69000 are strong levels of magnetism
for the pair
-I am seeking a buy at the 38.2%-50% fib retracement level, targeting 0.68800, right below
the previous zone of supply where the pair took orders and dumped them all the way to 0.66000 at the close of June.