AUDUSD (AUSSIE DOLLAR) MARKET ANALYSIS

 Hey good afternoon traders, I hope you're all well this fine Wednesday afternoon. As always I'm digging into the charts looking for opportunities in the financial markets and today I'm watching AUDUSD. Price rallied to a H1 & H4 supply level at 0.63350 & 0.63044 which is the origin of the previous drop to 0.62000. Price has filled the minor H1 & H4 range from supply to 0.62000 and back to supply. Price rallied into supply, formed rejection wick and candle close inside supply on H1 & H4 followed by a slight drop. Price dropped to 0.62786 then rallied back into supply. Took sell entries during London session at 0.63062 with SL at 0.63420. Setup taken is a rally base drop, a reversal setup and I anticipate price to drop back to the low at 0.62000 which is also my target for the shorts.

Price gained momentum during NY session and late into Asian session dropping 75 pips to 0.62295 after which price reversed and rallied back to supply on 20th during London session. Price failed to get to the anticipated target and instead reversed at 0.62326, rallying back to supply having to close out my positions. Price rallied back into the H1 & H4 supply zone at 0.63350 & 0.63044, faked a break of supply on H1 with candle close above supply.
However on H4, price formed a strong rejection wick and candle close inside supply followed by a strong drop back to the H1 & H4 demand zone at 0.62411 & 0.62015, missing my 0.62000 target by 10 pips having dropped 100 pips to demand.
Price dropped into demand, formed rejection wick on H1 & H4 and candle close inside demand followed by a strong rally away from demand in 2 large bullish candles that broke supply and closed bullish. 

This swift market reaction happened on Friday 21st during NY session as price has been ranging between H1 & H4 supply and demand zones. Price has filled the H1 & H4 range from supply to demand and back to supply, breaking it and forming a higher high confirming a shift in market structure to bullish. Price continued rallying higher showing strong bullish momentum, closing the week at 0.63845 which indicates a possible continuation of the rally into the coming trading week.