AUDUSD, Monthly
The monthly timeframe shows AUDUSD in a downtrend indicated by the bearish trendline. One other thing to note on the monthly is the support area to the far left.
AUDUSD, Weekly
The weekly chart of AUDUSD shows two trendlines. The outer one which can be seen on the monthly and the inner one that cuts a little closer to the price action. I’m completely bearish on the monthly and we could see a pullback to the inner trendline. Another thing to note is the Bullish Engulfing candle that has formed and also the gap down from the previous week has been filled.
AUDUSD, Daily
Price has been trending down for a while forming a bearish trendline. The market can be seen making lower lows and lower highs. Price is at a critical level, it has broken the trendline but a bullish trend can’t be confirmed this early. We could still see a pullback at this point. So at this timeframe, one thing to remember is that price has broken the trendline although my bias is bullish for now I would need to see a confirmation on the lower timeframes. if you should also look closely at the point where price broke the trendline you can see price struggled at the trendline then went through which proves the market respects the trendline and I wouldn’t be surprised if the bearish trendline has been overthrown.
AUDUSD, H4
We can now see the break of the bearish trendline in much detail. It is now safe to say a bullish has developed. We see the low and market has made a high, a higher low and has also gone passed the previous high which would mean a higher high has been made as it relates to where it still hasn’t been confirmed. If price pulls back and breaks below HL the bears would be in control again but as long as price stays above HL the bulls are in control.
