Today’s analysis – AUDUSD – trading above a key Weekly S/R, allowing for a bullish bias,
Points to consider,
- Price Action Impulsive
- Weekly S/R Support
(.618 Fibonacci Confluence )
- Swing High Objective
- Low Volume
AUDUSD’s immediate price action is trading at an area of technical confluence, that is with the Weekly S/R and the .618 Fibonacci, a respect of this level is probable.
The immediate objective is the swing high, exceeding this level will continue the overall trend.
The current volume profile is below average, an influx is high imminent when testing a key trade location as such.
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
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