AUDUSD 4hour Analysis July 18th, 2021
AUDUSD Bearish Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Overall we are SUPER bearish on AU right now. We are at key support near 0.74000 so we know to wait and expect some sort of reaction first.
But we can also notice a pretty large descending wedge pattern at the bottom of a large bearish leg. Technically the pattern and formation in this situation means both a continuation or reversal can happen.
Based on price action first and the direction of the overall trends it’s more likely price action will push lower. In this event we’ll look for a lower high below support at 0.74000 and target lower toward new support levels.
Trade scenario 2: For us to consider AU bullish we ideally need to see higher lows above 0.75000.
Anything else could still be part of a pullback and still be considered bearish.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Overall we are SUPER bearish on AU right now. We are at key support near 0.74000 so we know to wait and expect some sort of reaction first.
But we can also notice a pretty large descending wedge pattern at the bottom of a large bearish leg. Technically the pattern and formation in this situation means both a continuation or reversal can happen.
Based on price action first and the direction of the overall trends it’s more likely price action will push lower. In this event we’ll look for a lower high below support at 0.74000 and target lower toward new support levels.
Trade scenario 2: For us to consider AU bullish we ideally need to see higher lows above 0.75000.
Anything else could still be part of a pullback and still be considered bearish.
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