Weekly Pennant, Daily Bull Flag Confirmed! - AU
Here I have AUD/USD on the Weekly & Daily Charts!
Starting on the Weekly:
- Price has been creating Lower Highs into Higher Lows forming a Pennant Pattern!
- Price will consolidate in this formation until we are given a Bullish or Bearish Break.
- Aug. 5th - RBA decides to HOLD rates @ 4.35%, afterwards we see a Fake-out of Price
Breaking Down the Daily:
- After the Fake-out, we see Price make a Bullish run and create an Equal High
- Going from the Low of the Fake-out @ .63478 to the Equal High @ .68239, Price follows a Descending Channel until making a Fibonacci Retracement to the 38.2% Level, leading to a Bullish Break Confirming a Bull Flag Pattern!
- Sept. 18th - FED decide to Cut rates by 50 BPS to 5%, afterwards on Sept. 19th Price Closes Bullish Above the Resistance-Turned-Support giving us a Higher High and Potential Buying Opportunities!
I suspect the next area of Resistance Price will come to is at the over head Swing High @ .6895 and Falling Resistance where ultimately I believe AUD will give a Bullish Break to the Weekly Pennant and we will see Price continue to climb!
Indicators:
* RSI is beginning to become sustained Above 50
* BBTrend is printing Green Bars
* If you take the two Largest Bearish Candles in recent Price Action ( Sept. 3rd & Sept. 6th in Descending Channel), we can see that the Volume Delta prints -36.103K for the 3rd but only -20.958k for the 6th, Signaling less Bearish Participants!
Starting on the Weekly:
- Price has been creating Lower Highs into Higher Lows forming a Pennant Pattern!
- Price will consolidate in this formation until we are given a Bullish or Bearish Break.
- Aug. 5th - RBA decides to HOLD rates @ 4.35%, afterwards we see a Fake-out of Price
Breaking Down the Daily:
- After the Fake-out, we see Price make a Bullish run and create an Equal High
- Going from the Low of the Fake-out @ .63478 to the Equal High @ .68239, Price follows a Descending Channel until making a Fibonacci Retracement to the 38.2% Level, leading to a Bullish Break Confirming a Bull Flag Pattern!
- Sept. 18th - FED decide to Cut rates by 50 BPS to 5%, afterwards on Sept. 19th Price Closes Bullish Above the Resistance-Turned-Support giving us a Higher High and Potential Buying Opportunities!
I suspect the next area of Resistance Price will come to is at the over head Swing High @ .6895 and Falling Resistance where ultimately I believe AUD will give a Bullish Break to the Weekly Pennant and we will see Price continue to climb!
Indicators:
* RSI is beginning to become sustained Above 50
* BBTrend is printing Green Bars
* If you take the two Largest Bearish Candles in recent Price Action ( Sept. 3rd & Sept. 6th in Descending Channel), we can see that the Volume Delta prints -36.103K for the 3rd but only -20.958k for the 6th, Signaling less Bearish Participants!
ملاحظة
Here on the Hourly Chart, you can see Price has been creating a Triangle on this area of Support!
Price currently has given us a Bullish Break of the Falling Resistance!
-For any Buying Opportunities, we are going to want to wait for a Retest of this Break to Confirm its Valid!
تم فتح الصفقة
Price tested the Falling Resistance @ .68108!
Buy Entry @ .6811
SL @ 6785
تم فتح الصفقة
Price is at the Resistance Zone!
Looking for a Break and a Close candle above Resistance to continue Higher!
تم فتح الصفقة
Price has surpassed Last Weeks High's and is now testing the Highs and possibly turning this Resistance into Support!
Buy Entry @ .6838
SL @ .6815
تم فتح الصفقة
So far AU is giving us a strong push from the Break of Structure and Support from testing the Previous High!
تم فتح الصفقة
Price has worked into a Bullish Wedge at Last Weeks High in the .6830 Area!
Currently we are getting a Strong Bullish Break of this Wedge with alot of Bullish Volume behind it!
تم فتح الصفقة
Price has not only made a Golden Fib Retracement but also Retested the Break of the Bullish Wedge!
Buy Entry @ .6837
SL @ .6815
أغلقت الصفقة: تم الوصول لوقف الخسارة
SL for the .6837 Buy Entry was stopped out by 1 pip!!
Still holding onto the .6811 Buy Entry!!
أغلقت الصفقة: تم الوصول للهدف
Price hit the Swing High at .6895 as the TP!
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"An investment in knowledge will pay the best interest." - B. Franklin
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.