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Interesting PA on AUD/USD - Heading higher?
Monthly price appears to be squeezing sellers out of the market, and daily buyers are seen holding things around support at 0.6931.
All the while daily price respects 0.6931, the lower edge of the current H4 range will continue to hold at 0.6925, bolstered by H1 demand at 0.6914/0.6926.
Ultimately, analysis indicates a break to the upside will eventually emerge, therefore longs out of H1 demand may interest some traders. H1 supply, although the area has held on numerous occasions, is positioned against higher timeframe direction which is likely to be a red flag for most price action traders.
All the while daily price respects 0.6931, the lower edge of the current H4 range will continue to hold at 0.6925, bolstered by H1 demand at 0.6914/0.6926.
Ultimately, analysis indicates a break to the upside will eventually emerge, therefore longs out of H1 demand may interest some traders. H1 supply, although the area has held on numerous occasions, is positioned against higher timeframe direction which is likely to be a red flag for most price action traders.
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