AUD/USD on watch for 4H Trendline break
Hey Guys,
Hope everyone has been well and safe during this Covid Pandemic!!
This is a very clear trade setup we have going on here.
We can see that there is a downward trendline on the 4 hour chart. Overall, on the daily, we are still also functioning in a bearish market, as indicated by the lower highs and lows on the daily.
However, we are nearing a daily STRONG support zone. Lets take a closer look.
There was just a huge bullish engulfing that may indicate a POSSIBLE REVERSAL, and the RSI is almost at a stage of Oversold.
The yellow rectangle is a zone marked I believe there could be a possible break in the trendline somewhere along that trendline.
Upon break, lets look for an entry on a retest, to LONG a position to a close resistance price along the Daily Downward trendline.
Happy Trading,
Jacques Tan
Hope everyone has been well and safe during this Covid Pandemic!!
This is a very clear trade setup we have going on here.
We can see that there is a downward trendline on the 4 hour chart. Overall, on the daily, we are still also functioning in a bearish market, as indicated by the lower highs and lows on the daily.
However, we are nearing a daily STRONG support zone. Lets take a closer look.
There was just a huge bullish engulfing that may indicate a POSSIBLE REVERSAL, and the RSI is almost at a stage of Oversold.
The yellow rectangle is a zone marked I believe there could be a possible break in the trendline somewhere along that trendline.
Upon break, lets look for an entry on a retest, to LONG a position to a close resistance price along the Daily Downward trendline.
Happy Trading,
Jacques Tan