BUY Opportunity on AUD/USD
MONTHLY TIMEFRAME : PRice is on its way to psychological level of 0.80000 to reach resistance level and possibly form a triple top can also draw out a uptrend trendline
Weekly Timeframe : price shows a few resistance rejection points on the way up allowing me to draw a upward channel
Daily Timeframe : last week ended strong with a huge bullish engulfing candle and not only did price bounce off of the 50 moving average but the 50 moving average also acted as support which is always a good indicator
4hr Timeframe : shows a little retracement but also shows that price still wants to push to the upside giving the perfect entry i will enter on the 4 hr time frame with take profit set to 0.80000 and stop loss set to last known resistance on the daily timeframe
Weekly Timeframe : price shows a few resistance rejection points on the way up allowing me to draw a upward channel
Daily Timeframe : last week ended strong with a huge bullish engulfing candle and not only did price bounce off of the 50 moving average but the 50 moving average also acted as support which is always a good indicator
4hr Timeframe : shows a little retracement but also shows that price still wants to push to the upside giving the perfect entry i will enter on the 4 hr time frame with take profit set to 0.80000 and stop loss set to last known resistance on the daily timeframe
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