AUDUSD’s 3-year support trendline proved to be a strong line of defense against the previous down trend. Eyeing the 0.68 level and above soon!

As a result, my August 5’s long trade has exited in profit after holding for 14 days and 9 hours:

https://www.finlogix.com/analysis/20240805/audusd-intraday-analysis-and-trading-plan-for-august-5-2024

An updated overall record of 5 wins and 8 losses.

The US is set to have 5 upcoming high impact economic reports while none in Australia this week.

Re-assessing AUDUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Body with a Longer Tail Wick now a Red Long Lower Shadow

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

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

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is a Green Long Lower Shadow with a Small Body

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

The August candle’s mutation from the last analysis is pretty impressive!

AUDUSD bulls have proven themselves in control of the current bullish momentum.

Thanks to the 3-year support trendline acting as a strong basement, an up wave is in progress.

If it wants to go higher more, I am seeing above the 0.68 levels soon.

We’ll see if I am right with my theory today.

In today’s trade plan, I would like to open a new long position on the potential pullback as we head to the mid trading week.

Price is now above the retracement’s 78.60% fib level. Although in the premium zone, the buyers are threatening the nearest external resistance with few pips left to hit it so the odds are likely favorable for the upside.

I will enter through the mentioned fib level with a take profit target some pips above the 0.68 level while stop loss is set within 40-50 pips from the entry only.

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 20, 2024

Aug 20 2024

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