AUDUSD Intermediate Outlook: Long Scalps Soon!

8-Hour

Following on from our higher time frame analysis we can now try to follow the price action on intermediate time frames, starting with the 8-hour chart.

AUDUSD 8-hour time frame

We are starting to see signs of distribution and MACD divergence at our current level of 0.69105. This suggests we get a pull back here. But remember that higher time frames are bullish and targetting 0.7 area.

Our bullish trend is invalidated if we first drop below 0.68092, and more importantly 0.67236.

4-Hour

Trade setups are starting to appear. On the 4-hour chart 0.68208 to 0.68362 provides a long opportunity. We have a clear stop-loss at 0.68092. The level also lines up with daily candles, and is untested in our current move.

AUDUSD 4-hour potential trade opportunity

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