AUDUSD has hit a fresh 2-month lows during Friday’s weak opening could spark a stronger comeback as speculative short bets are overextended.

A good try to long the AUDUSD last Monday, caught the stop loss earlier during intraday's opening session:

https://www.finlogix.com/analysis/20240415/audusd-intraday-analysis-and-trading-plan-for-april-15-2024

An overall record of 4 wins and 7 losses.

There is no further Australian high impact economic report this Friday after weaker Employment Change and Unemployment Rate figures came out on Thursday.

These figures have helped a slump on the Aussie against the heavily favored Greenback.

Re-assessing AUDUSD’s high timeframe candles:

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

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

Weekly Candle: Last check is a Green Body with a Longer Head Wick now a Red Long Lower Shadow

Daily Candle: Previous close is a Red Long Upper Shadow current is a Red Semi Dragonfly Doji

Yearly candle’s body has grown suggesting stronger selling pressure for the month of April.

Previous daily candle’s closing dips have caught the recent long stops. We can see this as the recent swing low that has pushed the AUDUSD’s price back above 0.64 at time of writing this analysis.

Additionally, both yesterday and today’s candle formations are depicting a classical 2-day supply and demand area.

We need this latest supply and demand range to consolidate and hold before the weekend comes.

There’s some desperate buybacking happening for the day and buyers might get exhausted.

While April 1’s swing low order block is now lost and acts as one of AUDUSD’s internal resistances, price is hovering again on the optimal 0.6380-0.6420 buy zone range mentioned last time.

This resulted a good stop loss in the previous long trade plan again.

I should have set a deeper and wider stop which could have kept my long position active.

I continue to buy the Aussie on its further weakness today through opening a new long position on the current 4H candle pullbacks.

The New York session is coming and we’ll see if the AUDUSD sustains above the recent swing low.

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 19, 2024

Apr 19 2024

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