CANDLESTICK CHART Head and Shoulders chart pattern with breakout on 27/07. Price retested the breakout and held for the next 5 days. Rising momentum since the left shoulder of the H&S pattern Price retested the support yesterday and held.
RENKO CHART Price retraced .764% and starting to head up again. EMA crossover signals increased AUD strength
CONCLUSION Wait for the RENKO chart to display another green block before buying.
PRICE TARGETS S/L Alternative 1: Support at 0.81250 (Obvious S/L area) Alternative 2: 1.5 to 2 X ATR Alternative 3: .618% retracement
T/P High at ~0.8300
Comments
justatrader
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Renko is a bit misleading i'm afraid, especially with the traditional settings. With ATR 14, you see a clear inv. H&S with price going to test the H&S neckline at 0.8099, which should validate the inv. H&S and then push to the target.
ForceFollower
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Yeah, price has been rejected by the 50% retracement, which makes it look pretty bearish now (the minor low has been taken out). But there's still a chance that after some pause it'll go up again to 61.8% Ret.