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!