How To Make Money Today: AUD/USD Daily Market Analysis and Forex Trading Signals 04 March 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
On the H4 chart, prices are consolidating in a parallel channel. We see potential for bearish dip from our 1st resistance at 0.73091 in line with 100% Fibonacci retracement and towards our 1st support at 0.73072 which is in line with 23.6% Fibonacci retracement and 38.2% Fibonacci retracement. Alternatively, price can potentially climb higher to the 2nd resistance level at 0.73496 in line with 127.2% Fibonacci projection. Our bearish bias is further supported by bearish divergence spotted on RSI.
On the weekly, prices are on bullish momentum as prices have already broken out of the descending trendline. We see the potential for further bullish continuation from our 1st support at 0.72746 in line with 50% Fibonacci retracement towards our 1st resistance at 0.75472 in line with 50% Fibonacci retracement. Our bullish bias is supported by prices trading above our moving average indicator.
On the daily, prices have broken out of the descending trendline. We see the potential for further bullish continuation from our 1st support at 0.73147 in line with 38.2% Fibonacci retracement towards our 1st resistance at 0.74318 in line with 78.6% Fibonacci retracement and 100% Fibonacci projection. Prices are trading above the Ichimoku cloud indicator which further support our bullish bias. On the H4 timeframe, we see the potential for further bullish momentum from our 1st support at 0.73143 in line with 127.2% Fibonacci extension towards our 1st resistance at 0.74303. which is in line with 78.6% Fibonacci retracement and 100% Fibonacci projection. Our bullish bias is further supported by prices trading above the Ichimoku cloud.
Areas of consideration :
- H4 1st support at 0.73143
- H4 1st resistance at 0.74303
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