Median Line Analysis - Supporting Upward Move on AUDUSD (D)
Hello all,
Our Socceroos may have lost the world cup but our dollar is looking stronger against the Greenback with some interesting chart patterns. The ideas supporting an upward move are as follows.
Idea 1: Actual price failure on green downward fork
Idea 2: Potential test of lower parallel ( purple fork )
Idea 3: Potential price channel breakout ( to the upside )
Idea 4: Upward targets based on number of tests of the upper horizontal blue price channel.
NOTE: If the bottom price channel breaks to the downside and closes more than 3 times below the lower blue channel line & lower purple parallel all upward targets are reversed symmetrically using the lower blue horizontal channel line as the axis. as there will be an equal number of tests of the lower horizontal blue price channel.
Sincerely,
TIK
Our Socceroos may have lost the world cup but our dollar is looking stronger against the Greenback with some interesting chart patterns. The ideas supporting an upward move are as follows.
Idea 1: Actual price failure on green downward fork
Idea 2: Potential test of lower parallel ( purple fork )
Idea 3: Potential price channel breakout ( to the upside )
Idea 4: Upward targets based on number of tests of the upper horizontal blue price channel.
NOTE: If the bottom price channel breaks to the downside and closes more than 3 times below the lower blue channel line & lower purple parallel all upward targets are reversed symmetrically using the lower blue horizontal channel line as the axis. as there will be an equal number of tests of the lower horizontal blue price channel.
Sincerely,
TIK