Potential Butterfly Advanced Formation on AUDUSD
Hi folks,
I’m sorry I’ve been away from tradingview for so long now, I’ve been very busy and unable to find time to post ideas lately.
Anyways, I have a nice long-term setup that could potentially lead to some bullish upside.
On the chart you can see there is a Butterfly Advanced Formation on the weekly view.
There are bullish divergences on the RSI and CCI, as well as a bullish crossover on the MACD which help support the idea of upward movement to come in the following weeks.
We can also see the descending black trend line has now been broken and as long as we get a weekly candle close outside of this trend line, we can have even more confidence in this trade.
If you found this useful, please hit that thumbs up button to show some support.
Thank you!
I’m sorry I’ve been away from tradingview for so long now, I’ve been very busy and unable to find time to post ideas lately.
Anyways, I have a nice long-term setup that could potentially lead to some bullish upside.
On the chart you can see there is a Butterfly Advanced Formation on the weekly view.
There are bullish divergences on the RSI and CCI, as well as a bullish crossover on the MACD which help support the idea of upward movement to come in the following weeks.
We can also see the descending black trend line has now been broken and as long as we get a weekly candle close outside of this trend line, we can have even more confidence in this trade.
- Our first target is at the 0.382 fib level and our second target is at the 0.618 fib level.
- Stop loss is set at a 1.414 extension of the XA leg (in red).
If you found this useful, please hit that thumbs up button to show some support.
Thank you!