My first Finlogix analysis for the day goes to AUDUSD.

I’ve scored another win through last Friday’s short call:

https://www.finlogix.com/analysis/20240315/audusd-intraday-analysis-and-trading-plan-for-march-15-2024

Current standing is now 3 wins and 4 losses.

There are 5 Australian high impact economic reports this week and are done releasing heavily favored a stronger Aussie against Greenback.

Re-assessing AUDUSD’s high timeframe candles:

Yearly Candle: Still a Red Body with a Longer Tail Wick since last check

Monthly Candle: Last check is a Green Long Upper Shadow now a Green Body with a Longer Head Wick

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is Green Body with a Longer Tail Wick

Daily Candle: Both yesterday and today are Green Body with Longer Tail Wicks

The AUDUSD is pretty holding its yearly lows well.

After a very dovish FOMC statement delivered by Fed Chair Powell, Aussie rose sharply against the US dollar.

Yesterday’s initial and week’s low were held as well.

Explosive climbing back above the 200-day SMA.

We can see another successful bottom yesterday as well keeping the higher low HL trend line alive!

From here we can see the pair is getting ready to challenge the flipped Support/Resistance zone.

It’s getting nearer the nearby resistance and who knows a breakout can commence above it!

There are already short positions made with tight stop losses placed above March 8’s external swing high.

Remember, that area shown a strong rejection. 

I’m aiming for a complete breakout above the flipped S/R and March 8 high with a 1.618 fib extension level as profit target from this week’s low as base.

In case I am wrong, putting a stop loss below’s intraday swing low earlier will be a good and safe idea.

AUDUSD Intraday Analysis and Trading Plan For March 21, 2024

Mar 21 2024

Stop Loss -0.71%

Holding time 6hr

0.66171

Entry price

0.65699

Stop loss price

2