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.