In last weeks , I mentioned AUD/USD could present an ideal Long entry (buy opportunity) as there was a three inside up
pattern forming on the weekly chart. While this pattern is now confirmed, it's hard to ignore the two pin bars evident on the (highlighted blue box)
which could see prices reach previous lows around 0.69200 area (Daily support levels). With key Daily, Weekly & Monthly Resistance levels @ 0.72561 being rejected,
expect further downside for AUD/USD .
NOTE: Prices tend to pullback at least 50% of the Pin Bars tail before moving lower - expect a retest of the 0.72300 area before bears take over.
1. Pin Bars - Two long-tailed pin bars evident on
2. Daily candles reject key found @ 0.72560 area
3. 4 Hour Chart shows a long tailed
1. Weekly Chart - Three Inside up pattern
2. Daily/Weekly resistance ( ) - price is trading outside these levels
Target 1: 0.71053
Target 2: 0.69274
1. 0.72850 (Conservative - Above long tail high)
2. 0.72563 (Ambitious - At Key )