Our Socceroos may have lost the world cup but our dollar is looking stronger against the Greenback with some interesting chart patterns. The ideas supporting an upward move are as follows.
Idea 1: Actual price failure on green downward fork Idea 2: Potential test of lower parallel ( purple fork ) Idea 3: Potential price channel breakout ( to the upside ) Idea 4: Upward targets based on number of tests of the upper horizontal blue price channel.
NOTE: If the bottom price channel breaks to the downside and closes more than 3 times below the lower blue channel line & lower purple parallel all upward targets are reversed symmetrically using the lower blue horizontal channel line as the axis. as there will be an equal number of tests of the lower horizontal blue price channel.
Sincerely,
TIK
Comments
Timing_is_key
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Please read my NOTE: on my original post above, Once the bottom price channel broke went down 3 levels to the P3 Pivot precisely........Chalk this one to Mr Andrews.
Sincerely,
TIK
Timing_is_key
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Update: Looks like it will test lower purple parallel. If it holds we should see a strong move towards the purple ML.
Timing_is_key
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Sorry I changed the colour to RED:)
u9046
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Best,simplified, explaination to analysis.I appreciate highly
Timing_is_key
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Anytime, The biggest clue of a strong upward move is the price failing to reach the Median Line of the steep downward fork, if you notice, ever since it left that structure it has been moving sideways, forming a base from which it will use as a springboard for the next breakout move. The wider the horizontal base the better as we can expect the same move vertically in Price.
Many more things going for this as explained in the chart above.
Sincerely,
TIK