AUDUSD Trading Analysis

@Colibritrader

Dear traders,

I have just come back from my summer holiday. For the ones amongst you that are subscribed to my website already know where I have been.

It was a great time spent with family and friends, but returning to trading is almost as rewarding as spending quality time with close people.

I wrote was about AUDUSD last time in my blog. Here is my analysis from then.

I did manage to get into a long position in two of my trading accounts. In one of them I took a very small partial profit and the other one is still running.

AUDUSD Trading Analysis

What am I looking for at the moment from AUDUSD?

As you can see from the weekly chart from the screenshot above, there is a bullish engulfing pattern that formed on Friday and also a pin bar that preceded it.

The daily chart is showing us 4 white soldiers, which is another bullish confirmation pattern.

Now I am waiting for the price to return to the previous minor support level, which is 0.6800. If I see a confirmation from the daily and then 4H chart, I will add to my long position.

The long-term perspective for this pair is quite bullish.

As you can see from the weekly chart, we are in a major demand zone, which is a great indication for more buyers to join the queue.

Let’s see what price action will show us and where AUDUSD will go next.

Happy Sunday,

Colibri Trader

p.s.

If you want to check how I am trading with supply and demand zones/levels, check out my articles below:

Article 1

Article 2

or to get even more advanced and see how I trade them step-by-step and with real-life examples, check out my supply and demand trading programme 🙂

 

 

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