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AUD/USD analysis on Jan 15, 2020

We entered buy at 0.69.

These are the technical factors that made a bullish setup:

- price made higher low but MACD made lower low, which is a hidden bullish divergence

- Bread & butter pattern mentioned in previous analysis was already completed at 61.8% of 1st upward retracement/swing (61.8 of 1st U R/S)

- we got two bullish engulfing H4 candles, although the last was still under formation and will complete in an hour

- ABCD100 and 50% of down swing (50 of D S) are making a resistance cluster, which is next target

-The fall suggested in previous analysis, deviated a lot from speed line of fall, which shows significant weakness of bears.

Risk: If H4 candles closes below C, the setup will fail.

1 comment

1 Comment

K Trade
K Trade
Jan 16, 2020

Trade closed manually: Closed with +23.0 pips after strong retail sales from the US.

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