1 Hour Chart:
4 Hour Chart:
AUD/USD Bullish Setup?
Today at the close of the US trading session I scanned over the charts of all the forex pairs to see if there was any interesting developments and I came across this setup on the Australian Dollar. On the one hour chart there is a beautiful two low with divergence setup. If you notice on the chart bellow there is a monster one hour bullish engulfing candle that engulfs the previous three candles by a wide margin. This is an indication of big buying pressure. There is very clean divergence showing between both swing. We also have a round number 1.3000 acting as support. The 1.3000 area has acted as support and resistance on several occasions in the past and is a very proven level.
1 Hour Chart:
4 Hour Chart:
1 Hour Chart:
4 Hour Chart:
