Even though the optimal 0.6380-0.6420 buy zone range was not hit, AUDUSD’s latest swing low can stage a comeback.

This optimal buy zone range is mentioned on my February 20 analysis:

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

After holding the previous long trade for 3 days and 2 hours, my April 9, 2024 trade plan has triggered its stop loss:

https://www.finlogix.com/analysis/20240409/audusd-intraday-analysis-and-trading-plan-for-april-9-2024

An overall standing of 4 wins and 6 losses.

There are 2 Australian high impact economic reports to keep an eye on Thursday, the Employment Change and Unemployment Rate figures respectively.

Re-assessing AUDUSD’s high timeframe candles:

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

Monthly Candle: Last check is a Green Long Upper Shadow now a Red Long Upper Shadow

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

Daily Candle: Friday close is a Big Red Body current is a Green Body with a Longer Head Wick

The AUDUSD’s April price action almost mimics March but to a slightly higher degree. This is depicted through the current monthly candle pattern change versus last month.

Both the previous weekly and Friday close candles have ended up bearish. However, both the weekly and intraday candles are in green which are trying to make a recovery rally.

Based on the daily chart above, we can see another aggressive buy side liquidation from the converging LH trendline after a breakout towards the flipped S/R has failed.

As a result, the HL is broken which triggered my previous trade plan’s stop loss.

The optimal 0.6380-0.6420 buy zone range is waiting in case the rally attempts this week gets exhausted.

In any case that the current corrective structure holds up, there might be a potential impulsive up wave coming.

I’ll be focusing on buy setups regardless of a further drop towards the optimal range or an impulsive comes based on the current structure.

I’m entering through April 1 swing low's order block. The stop loss is set below the optimal buy zone range while taking profit near my previous long entry at 0.66 which acts as the new resistance when the impulsive moving up starts.

Almost a 1 to 1 RRR. Let’s see how this plan goes.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

AUDUSD Intraday Analysis and Trading Plan For April 15, 2024

Apr 15 2024

Stop Loss -1.70%

Holding time 3d13hr

0.64799

Entry price

0.63698

Stop loss price

1