Dear traders,

It has been a great run for the indices recently.

We had a few great trades and a few not so great in the trading room.

These were mostly indices trades.

Last time I shared with you my thoughts in a blog post here were about the USDJPY.

It has gone down and then up again since then.

Here is my original post if you want to check this out (when I was bearish).

Currently, USDJPY still looks bearish, so I have not much changed my stance on that.

AUDUSD Trading Analysis 02.02.2022

Today, I am looking at the AUDUSD pair.

You probably remember I shared with you on Twitter my thoughts about AUDUSD, when it was at 0.7200.

I was expecting the price to come down to the major demand zone (which it did) and then bounce higher.

Well, this has happened and now, I am currently looking to possibly go long.

This also coincides with a bullish engulfing candlestick pattern, which formed on the daily timeframe.

Before that, I would like the price coming down to 0.7060.

I would also be looking to see a bullish confirmation candlestick from the 4H chart.

Here is a tradingview screenshot of this level on the 4H chart

This could be in the shape of a pin bar or a bullish engulfing pattern.

Why not even an inside bar.

This would give me further confirmation that my thinking is right.

Until then, happy trading and see you around!

Colibri Trader

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