AUDUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Monthly
Downtrend.
Recently, price has been forming what appears to be a symmetrical triangle, without breaking previous highs or lows.
Weekly
Downtrend.
Currently consolidating within a resistance zone that previously acted as support.
It appears that the price dropped after a support-to-resistance flip and is now attempting to rise again.
Daily
Trend has shifted upward.
Currently appears to be in wave 2 of a corrective phase within an uptrend.
Price may undergo a sharp drop as a deeper correction, or it may continue to consolidate horizontally.
4-Hour
Direction is unclear, and a range is forming.
Recently, higher highs and higher lows are forming, but the trend does not show a clean upward movement.
1-Hour
Trend is up.
Trade Strategies
Strategy①
Since the price is near the 4-hour trendline and 1-hour higher low, wait for a trend reversal on the lower timeframe and consider entering a long position.
Strategy②
If the trendline breaks and a return move occurs, consider a short entry.
Even better if the 1-hour higher low is also broken.
Strategy③
If the price approaches the bottom of the range and shows a trend reversal on a lower timeframe, consider a long entry.
