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.