AUDUSD Long Setup

Today’s trading analysis is coming from the AUDUSD pair. It looks like we are seeing some exhaustion here. There is a major support level at 0.7810 which has been rejected.

In an ideal world, I would like to see the price going below this level and then forming a rejection. Although, there is a pinbar on the daily chart, I feel slightly hesitant about this possible opportunity.

I might wait for a bit longer and see if price goes lower than 0.7800 and makes a second rejection. Then, it would be a clear bullish sign for me.

The 4 Hour chart is showing bullish bias, as well. But again- sometimes I prefer to be a bit more patient, especially when we had so many great opportunities already this week.