To start this day’s analyses, I am going to update my insights and trade plan for AUDUSD.

There is no economic report for Australia today.

My Tuesday trade plan has exited in profit:

https://www.finlogix.com/analysis/20240220/audusd-intraday-analysis-and-trading-plan-for-february-20-2024

Landing my first win for AUDUSD this year.

Re-assessing AUDUSD’s high timeframe candles:

Yearly Candle: Still a Small Red Body since last check

Monthly Candle: Last check was a Long Legged Red Doji with Small Body now a Long Legged Red Doji

Weekly Candle: Current has evolved to Green Shaven Bottom with Medium Body from a Small Green Body

Daily Candle: Previous close is a Green Long Upper Shadow current is developing a Small Green Hammer

With the DXY index turning previous 104 support into a resistance, AUDUSD scored another gains back by shift in directions on Monthly, Weekly and Daily candles.

We can see 8 consecutive green daily candles.

After a stronger than expected US Unemployment figures and a split Flash Manufacturing and Services PMIs came out last night, Aussie the battler has retreated against the Greenback after facing 0.66 resistance.

The 50-MA is about to make a crossing on the 100-MA suggesting a silver cross move which the bullish 4H FVG I have talked about on Tuesday still holding up. As long as this FVG holds as a support, we can expect AUDUSD to go higher.

The optimal 0.6380-0.6420 range buy zone is at bay for now. It looks like the AUDUSD bulls are ready to challenge the 0.6625 since the CoCH area as my take profit previously has been successfully re-tested.

I am maintaining buy setups for AUDUSD. Intraday’s first 4H candle is gathering strength and I like to enter throught its body’s retracement/pullbacks.

This supports my bias that the pair’s daily candle is developing a Small Green Hammer that can further evolve into a Green Body.

Yesterday’s long head wick suggesting strong profit taking that may get re-offered today. Once accepted by the buyers, will ride the wave upwards.

The 4H 200-MA also coincides my break-out entry. In any case the intraday candle might turn bearish if price pulls back much lower than earlier’s low. Will set an aggressive stop loss and adjust next trade’s plans.

I am concerned that the bullish 4H FVG might be mitigated.

If this plays out, will set the take profit on challenging the 0.66 resistance. The CoCH is a not a problem. Bulls may over run it completely if further buying pressures persist.

AUDUSD Intraday Analysis and Trading Plan For February 23, 2024

Feb 23 2024

1