AUD/USD Breaks back above 0.7400
AUD/USD:- After a choppy week of price action last week, Friday's candlestick closure confirmed a strong bullish hammer, after rejecting major support levels, and broke back above the 0.7400 level. This was critical for the pair as this now provide us with a valid trend direction and trade set up. With multiple confluences aligning, I still favour a run back to the resistance level of 0.7550 and beyond to the weekly level of resistance 0.75750.
Higher time frame analysis suggests there is a high demand region below the 0.7400 area, with multiple wick rejections showing weakness and a slow down in market momentum, it proves that there is a significant buying pressure building. If you were to combine the price action, with our moving averages crossing over, this is helping us filter out the overall market direction and therefore we should only be looking to trade in that particular alignment.
©Everythingfx
Higher time frame analysis suggests there is a high demand region below the 0.7400 area, with multiple wick rejections showing weakness and a slow down in market momentum, it proves that there is a significant buying pressure building. If you were to combine the price action, with our moving averages crossing over, this is helping us filter out the overall market direction and therefore we should only be looking to trade in that particular alignment.
©Everythingfx
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0.74 , 1:7.7 , 0.2 lots