AUDUSD bulls prepare for a bigger up move aiming to break the February 2021 down trendline. The 0.70 level is back on the horizon!

As a result, my August 20 long trade has exited in another profit after holding for 6 days and 20 hours:

https://www.finlogix.com/analysis/20240820/audusd-intraday-analysis-and-trading-plan-for-august-20-2024

An updated overall record of 6 wins and 8 losses.

The US is set to have 1 upcoming high-impact economic report while none in Australia tonight.

Re-assessing AUDUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Long Lower Shadow now a Red Semi-Dragonfly Doji

Monthly Candle: Still a Green Body with a Longer Tail Wick since last check

Weekly Candle: Previous close is a Green Body with a Slightly Longer Head Wick current is a Green Long-Legged Spinning Top with a Small Body

Daily Candle: Previous close is a Green Long Upper Shadow with a Medium Body current is a Green Long-Legged Semi-Doji

In today’s analysis, I will still reference the swing high to low moves from July 11 to August 5 as the retracement points of view, especially the bullish extension levels.

The way I see the AUDUSD 4H chart right now is that its bulls are preparing for a massive breakout to end the down trendline in February 2021.

The current price level is flirting with the July 11-12 external high after breaking it this week and if the intraweek candle closes above it or within its range, it will back my bullish thesis.

Furthermore, the 0.68 level is must flipped area into a support if AUDUSD wants to go higher above 0.70.

In today’s trade plan, I would like to open a new long position again with a clear intention of aiming for the 0.70 level as take profit exit.

I will enter through the mentioned current flirting consolidation while putting a considerable stop loss.

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

Let’s see how this one goes and good luck once more.

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

AUDUSD Intraday Analysis and Trading Plan for August 30, 2024

Aug 30 2024

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