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francesgurton
Sep 6, 2020 4:35 PM

AUDUSD Ascending Channel Long

Australian Dollar/U.S. DollarFXCM

Description

In this ascending channel pattern, the price has recently reached a previous supply level at 0.7265.

I will be looking for a rejection of the supply zone at this level before taking a long position. I will identify confirmation of rejection at the supply level by a closed 4H bullish candlestick, and a cross over of the MACD and RVGI, which can already be seen to be occurring on the chart.

The crossovers of the MACD and RVGI in negative territory suggest a reversal in price from bearish to bullish may occur.

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