I believe the Aussie Dollar will rise in this week due to observation of what looks like an inverted head and shoulders
pattern formation, a trendline
bounce and an ascending triangle
. The ascending triangle
rises perfectly to an area of re-tested resistance and I believe that the break of that resistance will happen soon. I am watching and awaiting for a bounce off of the current bullish trendline
to continue upward momentum. Also, an inverted head and shoulders
pattern has formed on the weekly timeframe
. Following the previous bearish
price movement, I am anticipating a reversal due to the inverted head and shoulders
Buy limit would be placed at 85.142 in anticipation for the bounce and ride the roller coaster all the way up to the 86.820 level for the first take profit area and at least 50-100 pips beyond.
*Trading is not for everyone and losses could easily exceed investment capital. Use proper risk management and smaller lot sizes to protect individual accounts.