AUDUSD’s sudden and swift intraday volatile price slump has revisited the optimal 0.6380-0.6420 buy zone range I mentioned numerous times. The fresh 2024 low keeps a 3-year support trendline in play.

As a result, my April 19’s pre-set long trade has exited in another loss after holding for less than an hour only:

https://www.finlogix.com/analysis/20240419/audusd-intraday-analysis-and-trading-plan-for-april-19-2024

An updated overall record of 4 wins and 8 losses.

The US is set to have 2 high impact economic reports only while 4 in Australia this week.

Re-assessing AUDUSD’s high timeframe candles:

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

Monthly Candle: Previous close is a Red Long Upper Shadow with a Medium Body current is a Red Long Lower Shadow

Weekly Candle: Previous close is a Red Spinning Top current is a Red Long Lower Shadow

Daily Candle: Previous close is a Green Semi Evening Doji Star current is a Red Long Lower Shadow

In today’s analysis, I will be referencing the swing high to low moves from July 11 to August 5 as the retracement points of view.

Based on these moves, a corrective down wave looks complete for AUDUSD’s 2024 peak and decline extremes.

Assuming that the sweeping off low move earlier was the 2024 bottom, then a comeback reversal is bound to happen.

The previous 4H candle that contains a long lower wick is a strong one. What just the AUDUSD bulls need to do is to hold the intraday lows.

They cannot afford to lose the 0.6380-0.6420 buy zone range!

The selling threats are still probable as the AUDUSD is trading within 2023’s lower territory.

Truly a bloodbath Monday across the entire financial markets.

In today’s trade plan, I would like to open a new long position now that the AUDUSD is near its viable 3-year support trendline.

I will enter through the current 4H candle with a wide stop loss below the 3-year support trendline and taking profit at the 78.60% fib level only.

To play this out, the 0.6450 must be thoroughly reclaimed as a support once again.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

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

AUDUSD Intraday Analysis and Trading Plan For August 5, 2024

Aug 05 2024

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