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

I have scored another loss from last week’s trade plan:

https://www.finlogix.com/analysis/20240229/audusd-intraday-analysis-and-trading-plan-for-february-29-2024

2 consecutive losses. Current standing is now 1 win and 3 losses.

The Australian GDP quarter-on-quarter data came out as expected last Wednesday. AUDUSD has reclaimed the 0.6520 support through the weaker Greenback.

Although by less than 7 hours from now, 3 US major economic data will decide the further selling fate of the Greenback.

Re-assessing AUDUSD’s high timeframe candles:

Yearly Candle: Last check is a Small Red Body with Shorter Tail Wick now a Red Hammer

Monthly Candle: Previous Close is a Red Spinning Top current is developing a Green Body with a Short Head Wick

Weekly Candle: Previous Close is a Red Body with Longer Tail Wick current is a Big Green Body with Long Tail Wick

Daily Candle: Yesterday close is a Big Green Body current is developing a Green Spinning Top with Longer Tail Wick

The US Dollar is heavily sold against the Aussie.

The AUDUSD yearly and monthly candles have completely overturned the bearish trend with a very strong trading week!

After breaking the 0.66 barrier, AUDUSD bulls continue seeking the buy side liquidity on the 0.6620-30 external highs.

At press time, buyers are pushing towards 0.6640 to end the Friday’s session. Already achieving top levels but keep an eye on further moving up towards 0.6680-0.6690.

The bearish 4H FVG mentioned from my last analysis has been fully retraced. This negated my bearish thesis.

On the daily chart above we can see a bullish daily FVG that is made today. AUDUSD is facing a supply zone starting at 0.6655 after this level got flipped from a support to a resistance.

The new daily FVG must hold in order to continue moving higher.

So my plan is to still short this rally hoping for a Greenback comeback on stronger data later.

Stop loss is placed on the supply zone re-test, we may see further moving up beyond the zone. This means a very strong Aussie and this is the risk I can afford.

AUDUSD Intraday Analysis and Trading Plan For March 8, 2024

Mar 08 2024

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