AUDUSD (AUSSIE) ANALYSIS

 Hello traders, AUDUSD price dropped to demand level on H4 & daily chart at 0.68873 & 0.68547 from the minor supply and previous high on H1 & H4 at 0.70505. This demand level is the origin of the previous rally to supply at 0.72621 & 0.72240. Price filled the 1st minor range from the 1st high to demand. Took buy entries on 23rd June Thursday during London session at 0.68943 with SL at 0.68660. Setup taken is a drop base rally, a reversal setup.
Price rallied in one bullish engulfing candle on H1, dropped back to retest demand then rallied again in 3 large bullish candles to 0.69460 before a slight drop in price. Price dropped back deep into demand, dropping below my entries and almost taking out my SL. However price still hasn't broken demand level to invalidate the setup and my bullish bias.

Price rallied 40 pips to 0.69245, forming a lower high from the previous high on H1 at 0.69450 then dropped again back to demand and my entries. Price has been in consolidation between the 1st high at 0.69450 & demand level at 0.68850 & 0.68532. Price dropped back to demand again, consolidated at demand level then gained momentum on Friday during NYSE with price rallying in strong bullish candles confirming the bullish sentiment is still valid as the demand level still holds. I held my positions through the weekend into next week as my bias is still bullish. Market closed the week with price at 0.69391 and still showing more bullish potential into next week.