AUDUSD 4hour Analysis December 6th, 2020
AUDUSD Long idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Overall we are still very bullish and are going to continue with this trend until we see a break of a higher low on this timeframe. For now we are looking for a pullback and structure to form. We want to enter long after we see a major reversal from a key fib level and then we can look to target higher toward our negative fib levels.
Trade scenario 2: Price action needs to break 0.73300 with a confirmed lower high below that level to change this 4hour trend. Look to target lower toward key support at 0.72600 if this transition happens.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Overall we are still very bullish and are going to continue with this trend until we see a break of a higher low on this timeframe. For now we are looking for a pullback and structure to form. We want to enter long after we see a major reversal from a key fib level and then we can look to target higher toward our negative fib levels.
Trade scenario 2: Price action needs to break 0.73300 with a confirmed lower high below that level to change this 4hour trend. Look to target lower toward key support at 0.72600 if this transition happens.