AUDUSD, Monthly
Although for the past years price has been bearish, we are seeing price show some rejection at support a couple of years back. It would seem price has found support and we could see bullish moves for the months to come. We are still overall bearish based on the bearish trendline still holds.
AUDUSD, Weekly
The weekly timeframe shows a very strong rejection. We can see the strength of the rejection by the tailed candle at the rejection level and also by the large the bullish candles are that follows the rejection. Price is approaching the bearish trendline from the monthly timeframe, it will be interesting to see how it reacts to the trendline.
AUDUSD, Daily
On the daily we can see clearly a bullish trend has formed. The Market has been making Higher Highs and Higher Lows. Price made the latest Higher Low (HL3) and we are waiting to see if price will continue to make another Higher High and continue the bullish trend.
AUDUSD, H4
Taking a closer look at price action on the H4 timeframe we see price has broken the bullish trendline. After breaking the bullish trendline price has started a smaller bullish trend. With a Low (L), High (HI), Higher Low (HL), and a Higher High (HH). This new bullish trend is heading for the back of the main bullish trendline. Although price has broken the bullish trendline, I remain bullish as long as price remains above the low L.
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