themarketzone

Can Aussie continue towards 3 Drives pattern completion?

FX:AUDUSD   Australian Dollar/U.S. Dollar
a year ago
My previous AUDUSD             analysis suggested the Aussie will create a bullish opportunity near 0.7 - An aggressive C entry ( bullish ) for a potential 3 Drives pattern that will compete near 0.74.

Last week, $AUDUSD rallied 150 pips from the entry zone and reached first target level of the bullish setup - 0.715.
This is a resistance zone that includes the following:
- Downtrend line
- Broken uptrend line
- The 4H 200 SMA line
- Minor structure zone

This week, this zone will be tested:
Bearish scenario - Downtrend continues and $AUDUSD declines back towards 0.7
Bullish scenario - Price climbs above 0.715, return back to the uptrend line and breakout of the downtrend line - Creating bullish signal that it intends to rally higher and possibly complete the 3 Drives pattern.

Nearest support - 0.71, 0.7
Nearest resistance - 0.715, 0.72, 0.725 and 0.74

Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
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a year ago
Comment: Great progress last week as Aussie broke out of its downtrend. Price is testing structure now. A close above 0.725 will probably lead to 0.74. Read more http://goo.gl/OqxESa
Weekly Newsletter - https://goo.gl/yzkFY6

Tomer J,
The Market Zone - You trading Edge
Visit my website - http://www.themarketzone.net/
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