AnalyticsTrade
New Member
Hello fellow traders! Today, let's take a closer look at the 4-hour chart for AUDUSD. After the previous analysis was invalidated, the risk/reward ratio has shifted in favor of the bulls for the mid-term. The current price structure resembles an inverted head and shoulders pattern, suggesting a potential bullish trend. Therefore, my recommendation is to focus on buying dips after pullbacks.
In the short term, we can expect further gains as bulls have recently regained control. There is a strong support/resistance level near 6750, which could be retested soon. Bears should focus on shorting from this resistance level, while bulls should wait for a pullback after the retest around 6750 and then consider buying at lower levels.
Here's the recommended strategy for AUDUSD: Bears can short from the mirror support/resistance level at 6750 with a stop loss of 40 pips. Take profit levels include TP1 at +80 pips, TP2 at +140 pips (final) at 6625. On the other hand, bulls should wait for a pullback near 6625 and buy with a stop loss of 40 pips. Take profit levels for bulls are TP1 at +80 pips, TP2 at +160 pips, and a final TP at 6800.
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