AUDUSD 4hour Analysis May, 2nd, 2021

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AUDUSD Neutral Idea

Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish

Trade scenario 1: Overall we are bullish on all significant timeframes but we can clearly see price action is stuck within a wide range between 0.78000 & 0.77150. Currently we are at support and are expecting some bullish volume to push price action back toward the top of the range. You can play the range or wait for a break of the range. The most conservative entry would be on a confirmed higher low above 0.78000.

Trade scenario 2: For us to consider AU bearish we really need to see a lower high below 0.77150. The best entry would be on a lower high below 0.77150 with fib confluence. Target lower toward major support levels.

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