AUDUSD 4hour Analysis 5/24/20

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD Long Idea

The higher timeframes are bearish on this pair but we have seen very strong 4hour bullish volume lately

We are currently favoring a 4hour bullish push higher toward the top of this channel
(the blue arrows) and a break and retest of 0.65580 would be confirmation enough

The other potential scenario would be a drop in price action toward the bottom of this channel (the orange arrow). To enter short we need to see strong bearish setups at the current area with closure below 0.65150

Until this channel breaks from strong bearish momentum we will remain bullish on this pair


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