AUDUSD (AUSSIE) MARKET ANALYSIS

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 Good evening traders, I hope you're all doing well and okay. Into the markets today I'm looking at 2 currency pairs which are AUDUSD (Aussie) and GBPUSD (Cable). In AUDUSD price has dropped to a key H1 & H4 demand level at 0.67003 & 0.66719 which is the origin of the previous rally to the H4 high at 0.69000 where price reversed and dropped back to demand. Price has filled the H4 range from demand to the H4 high at 0.69000 and back to demand. Price formed candle closes inside demand, a strong bullish engulfing candle on H1 followed by another strong bullish candle that closed above demand becoming an additional bullish confluence. 
Took buy entries during late NYSE at 0.67100 with SL at 0.66840 after missing optimum entries at 0.66720. Setup taken is a drop base rally, a reversal setup and my 1st target is at 0.68280.






Price rallied 40 pips to 0.67400, left a strong wick rejection then dropped back into demand hitting SL and taking out my entries. Price formed candle close inside demand without breaking it showing the zone still holds. However, price gained more bearish momentum, breaking demand and dropping lower showing a continuation of the drop, closing the week with price at 0.65178.


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