My first Finlogix analysis for the day goes to the AUDUSD.

I have scored another loss on my previous trade plan:

https://www.finlogix.com/analysis/20240226/audusd-intraday-analysis-and-trading-plan-for-february-26-2024

Current standing is now 1 win and 2 losses.

The Australian CPI year-over-year data came out lower than expected. AUDUSD has lost the 0.6520 support in the process.

My prediction for a better than expected figures didn’t go as planned.

Since there will be no other major economic report in Australia left this week, AUDUSD will now depend on the remaining US own share of economic data.

Re-assessing AUDUSD’s high timeframe candles:

Yearly Candle: Last check was a Small Red Body with Longer Tail Wick now a Small Red Body with Shorter Tail Wick

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

Weekly Candle: Last check was a Small Red Hammer now a Red Shaven Head with Short Head Wick

Daily Candle: Yesterday close is a Medium Red Body current is developing a Green Body

The DXY index has been rejected by the 104 resistance again for the third time unable to close above it on the daily candle. It looks to re-test the 200-SMA support once more.

The AUDUSD yearly and monthly candles returned being bearish after the overnight dump on the 0.6520 support. Weekly already printed the trading range to close the week.

On the daily, the 8 consecutive green candles are finished. There’s a down wave happening in the 4H currently once the rally attempts to reclaim the said 0.6520 support is rejected.

Price went below the 4H moving averages. The 4H golden crossing failed to happen in my last analysis. while the 4H FVG mentioned last time broke down as well.

There’s a new bearish 4H FVG made after losing the 0.6520 support while buyers trying to recover it press time, a confirmed rejection will extend the new down wave pattern that will challenge the 78.60% fib retracement order blocks from recent swing low and high last 2 weeks.

By this, I will try to short the AUDUSD during the rallying attempts on the flipped 0.6520 support to resistance structure. It’s a 50% fib retracement and still in the Premium array territory.

Worth a short shot with a stop loss placed on the complete retracing of the new bearish 4H FVG and taking profit on the OB mentioned.

I want to be right to see that the AUDUSD has a new down wave structure in progress.

AUDUSD Intraday Analysis and Trading Plan For February 29, 2024

Feb 29 2024

1