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/20240308/audusd-intraday-analysis-and-trading-plan-for-march-8-2024

A 3 consecutive losses already. Current standing is now 1 win and 4 losses.

There is no major Australian economic report this week.

Re-assessing AUDUSD’s high timeframe candles:

Yearly Candle: Still a Red Hammer since last check

Monthly Candle: Still a Green Body since last check but with a Longer Head Wick

Weekly Candle: Previous Close is a Green Body with Longer Head and Tail Wicks current is a Small Red Hammer

Daily Candle: Friday close is a Green Long Upper Shadow current is developing a Red Hammer

I was totally wrong in shorting AUDUSD in the last 2 calls. No excuse.

I should have let the up wave move that started from 0.6470 in continuing to reach the minimal 0.6620 level at least then waited for over extension before shorting.

It’s what it is. All we have to do is move on the next.

The intraday bulls are trying to re-test the 3 previous 4H candles that have found resistance on the very same 0.6620 level. Back to position in breaking the already broken resistance again?

Based on the AUDUSD 4H chart above, seeing that the buyers were unable to close above previous support zone last week/Friday, I can firmly say that liquidity happened on the particular bearish 4H pin bar.

The daily FVG is still holding up giving signs of retesting the nearby resistance trendline.

This gives me a 50:50 odds whether to short or long but I go sell AUDUSD again for the 3rd try.

I’m going to short the current market price targeting a complete retracement of the daily FVG as the exit while putting the stop loss just above the resistance trendline. 

We’ll find out the outcome soon enough.

AUDUSD Intraday Analysis and Trading Plan For March 11, 2024

Mar 11 2024

Take Profit +0.68%

Holding time 2d2hr

0.66232

Entry price

0.65779

Take profit price

2