15 Apr '21: AUDUSD Entry (1D: 1/2) - REDO

We appear to have a breakout-retest of the monthly support level after a successful retest of the weekly trend line support, which culminated in an ascending triangle before breaking upward. If this holds, further up side expected. If it breaks down, a lower entry is still possible while preserving the weekly, bullish trend. At this point, I am expecting the monthly support to serve as a liftoff point for further up side, perhaps as soon as the next daily candle (16 April '21). I will break down the entry more precisely on a lower time frame on a chart to follow.

If this retest of the trend line follows the pattern from the previous two touches, we could be looking at a long-term, bullish movement of three months or more (mid-late July) before a peak above trend preceding another retest. In that event, the next retest of the weekly trend line could put us in a similar position as the one we are in now, where we are looking to break through or reject off a monthly resistance, last seen Jan, 2018.

Trade closed: target reached:

Had one traded this sideways channel up to TP1, one could have made at least two, if not three long trades since this call. However, with the price pressed up against the weekly trend, and DXY taking a bounce off its lower trend line, this one needs to move up hard and fast, or further TPs are in question. For now, I would close this one and reassess, considering the move to TP1 a success.

Comment:

With the USD breakdown, might be an opportunity to re-enter this one around TP1. May reassess.

Comment:

With the bullish move on DXY, AUDUSD has broken down. The former, weekly trend is no more.