The dragon bull, one of my favorite patterns. This pattern is rare, comes into work once in a while. I introduced it to the TV last week when it formed on USDCHF and worked out well like a champ. Especially when other indicator agrees with it, for instance as illustrated on my graph, MACD divergence has crossed towards north and about to go above the zero level; and RSI forming high lows. Hence, the bullish sentiment is too strong.
Since the US dollar has been weak this week i am expecting a positive news on AUD. Hopefully it pushes the market north all the way to R1.
Stay cautious as always Thank you and Happy trading :)