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Long

AUDUSD - CUP & HANDLE PATTERN

FX:AUDUSD   Australian Dollar / U.S. Dollar
After touching 0.7500 level, AUDUSD             made a retrace back to 0.7300 level as expected. If you have followed my AUDUSD             monthly post, 0.7500 is the level that I mentioned pull back would happen and 0.7300 level would provide strong support. If you have added long positions at that 0.7300 level, it would be fantastic because AUDUSD             is already boucing back from 0.7300 and trying to break through the resistance @0.7500 now. If you did not, the opportunity has not gone yet. Take a look at the chart.

- Cup & Handle Pattern
- A possible break away gap from the channel. A break out of the handle of the cup. The gap will act as strong support.
- If price breaks 0.7500 level, stop loss will be triggered. Price will accelerate fast. So buy a break out would be a good choice.
- Ready to buy pull back at 0.7400 level if price fails to break 0.7500 resistance and comes back to fill the gap. That would make an inverted head and shoulders pattern as well.
- Target 0.7800 level.

Stay Tuned.
Comment: Price is reaching 0.7600 level.
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