Hello traders, have a potential trade which might just shoot up like crazy depending on the news we get from the Australia regarding the interest rate coming out Monday evening EST. On the technical side which i go by since i trade what i see, we can see price retracing right back up at the 618 retracment. also making a bullish divergence in the process. I anticipate this to be the CD leg of the ab=cd pattern that ive shown on the chart. If news does come in the favor expect a quick move up. Usually i dont really enter the trades unless i catch it at the initial move but seems like there is still a lot of movement left despite the 90 pip move up that we can observe. Looking forward to enter on the 382 retracement which i think might occur. If not that i would like to enter the breakout of the trendline after the news release.
Cheers
Cheers
Comment:
We can also enter the breakout of the trendline. if that does happen one can target the 7400 area which seems to have some resistance
