Aussie/Dollar: 70 Cents Rocket Launcher Towards 80 Cents?
Hello my dear Aussie-Dollar traders & Forex friends, hope you're doing well mates! ;)
First of all, let's have a look at the last analysis before I take the drawings away:
=> We can see that the Double Bottom saw follow-through, but obviously we're still grinding at the 70 Cent psychological, with the crucial resistance of the previous Descending Triangle at 0.704.
=> We're currently rejecting from this zone. If we break the 70 Cents down, we will look to build a higher Low compared to 0.685 on the weekly. Otherwise we will look towards a bounce from 0.685
On the other hand, if we can keep the 70 Cents range, we could look towards a potential break higher into the low 70ies.
I wanna bring the monthly chart again to your attention: The 0.685 is a crucial potential Double Bottom on a much bigger scale, with the first touch back from 2015/16.
=>If the bulls fail the react here, they could become toast and fall towards the 2009 lows.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
First of all, let's have a look at the last analysis before I take the drawings away:
=> We can see that the Double Bottom saw follow-through, but obviously we're still grinding at the 70 Cent psychological, with the crucial resistance of the previous Descending Triangle at 0.704.
=> We're currently rejecting from this zone. If we break the 70 Cents down, we will look to build a higher Low compared to 0.685 on the weekly. Otherwise we will look towards a bounce from 0.685
On the other hand, if we can keep the 70 Cents range, we could look towards a potential break higher into the low 70ies.
I wanna bring the monthly chart again to your attention: The 0.685 is a crucial potential Double Bottom on a much bigger scale, with the first touch back from 2015/16.
=>If the bulls fail the react here, they could become toast and fall towards the 2009 lows.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
