AUDUSD Weekly S/R/ .382 Fibonacci| Price Action| Swing High

13 янв. 2021 г.

Evening Traders,

Today’s analysis – AUDUSD- trading above its weekly S/R where a back test is deemed possible,

Points to consider,
- Price action impulsive
- Weekly S/R Support
(.382 Fibonacci Confluence)
- Swing high objective
- Oscillators extended

AUDUSD’s immediate price action is impulsive above Weekly S/R, price action respecting and holding this .382 Fibonacci is deemed bullish.

The swing high is current objective, exceeding this level will increase the probability of trend continuation.

Both oscillators are extended, trading in their overbought conditions, a reversion to their means is highly probable, allowing for a pull back.

Overall, in my opinion, AUDUSD is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work

And remember,

Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone