My View On AUD/USD as at Today
Today is Tuesday, it is not a new thing that the Financial Market tend to exhaust its holdings on Monday. The Forex market will in most cases continue from where it stopped the previous week. Most big traders will wait till Tuesday to take a trade. The market is large and everyone will take a trade whenever they like but I do wait for the market to finish acting on the previous week happening.
Monthly Time Frame of AUDUSD from Tradingview.com
On a Monthly Time Frame we can see on the obvious that that the market has been bearish since June 2021 and has respected the down trend line. Hone taking a trade it is best to begin with the higher time frame so as to cancel any form of noise that will populate the chart.
Weekly Time Frame of AUDUSD from Tradingview.com
On a Weekly Time Frame, the market is in correlation with the Monthly Time Frame, except that the move has broken the Trend line. This same bearish movement that has correlated with the monthly time frame has on the weekly time frame broken the trend line in the second week of August 2024.
Daily Time Frame of AUDUSD from Tradingview.com
Due to this Daily Time Frame, and the Bearish Engulfing candle. Two phases are in place
- A continuation to the downside: Because of the Bearish Engulfing Candle
- A reversal to the upside: A respect of the former Resistance of the market turning into a support
Disclaimer: This is not a Financial Advise just my Analysis of the market