Hello Traders!
Another update today, this time it’s AUDUSD pairing, possible triple bottom?
Points to consider,
- Major resistance at 0.688
- Price retraced back to .618 Fibonacci level
- Stochastics showing upwards momentum
- RSI broke out of its apex
- EMA’s projected to turn bullish
- Bull Volume has been increasing
The AUDUSD pairings has had a major sell off where it rebounded back into structural resistance after being bought back up by bull volume, potential triple bottom. Price retraced to the.618 Fibonacci level, held and respected it as support.
The RSI subsequently broke out of its apex in confluence with the respect of the .618 Fibonacci level, it still is in neutral territory with more upside potential. The stochastics is also showing strong projection of upwards momentum currently.
EMA’s for the parings are looking to cross bullish as price is held support by current Fibonacci level, we can also see increasing bull volume which is healthy for price to retest local resistance…
It is more probable for price to retest upper resistance and or establish a potential trend line coming into resistance; an ascending triangle would then be more probable…
What are your thoughts?
Please Leave a like and comment,
And remember,
“Gamblers obsess with big potential upside windfall profits. Intelligent speculators obsess with managing downside risk.” Peter Brandt
Another update today, this time it’s AUDUSD pairing, possible triple bottom?
Points to consider,
- Major resistance at 0.688
- Price retraced back to .618 Fibonacci level
- Stochastics showing upwards momentum
- RSI broke out of its apex
- EMA’s projected to turn bullish
- Bull Volume has been increasing
The AUDUSD pairings has had a major sell off where it rebounded back into structural resistance after being bought back up by bull volume, potential triple bottom. Price retraced to the.618 Fibonacci level, held and respected it as support.
The RSI subsequently broke out of its apex in confluence with the respect of the .618 Fibonacci level, it still is in neutral territory with more upside potential. The stochastics is also showing strong projection of upwards momentum currently.
EMA’s for the parings are looking to cross bullish as price is held support by current Fibonacci level, we can also see increasing bull volume which is healthy for price to retest local resistance…
It is more probable for price to retest upper resistance and or establish a potential trend line coming into resistance; an ascending triangle would then be more probable…
What are your thoughts?
Please Leave a like and comment,
And remember,
“Gamblers obsess with big potential upside windfall profits. Intelligent speculators obsess with managing downside risk.” Peter Brandt