AUD/USD - Bullish inverted hammer @ suppor of broadening wedge..
- AUD/USD looks to be forming an ascending broadening wedge pattern
- This pattern is characterised by a lower horizontal trend-line acting as support and an upper ascending trend-line acting as resistance
- As can be seen on the chart price has consistently found support @ ~ 0.782
- Also price has been tracking an ascending trend-line resistance to form higher highs
- Price is now back at the lower trend-line support of the pattern
- We look to be forming a bullish inverted hammer at this support level indicating a possible reversal
- This reversal may lead to a further move back up to the ascending trend resistance of the pattern to form another higher high
** Price would need to reverse off this level, if we see a break lower through the horizontal trend-line support this would invalidate the pattern
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- This pattern is characterised by a lower horizontal trend-line acting as support and an upper ascending trend-line acting as resistance
- As can be seen on the chart price has consistently found support @ ~ 0.782
- Also price has been tracking an ascending trend-line resistance to form higher highs
- Price is now back at the lower trend-line support of the pattern
- We look to be forming a bullish inverted hammer at this support level indicating a possible reversal
- This reversal may lead to a further move back up to the ascending trend resistance of the pattern to form another higher high
** Price would need to reverse off this level, if we see a break lower through the horizontal trend-line support this would invalidate the pattern
THIS IS NOT TRADE ADVICE NOR A TRADE CALL