AUDUSD Double-Bottom showing bullish strength

FX:AUDUSD   Australian Dollar / U.S. Dollar
I posted a trade setup yesterday where a very large bullish pin bar candlestick had formed on the weekly charts that coincided with a previous low (which acts as a major support line) as well as an important price level of 0.75. You can view that analysis here . Price continued to creep lower from yesterday morning into yesterday evening. Then last night the bulls showed up and a nice bullish Double Bottom pattern appeared in the hourly's. You can view the double bottom on multiple time frames I have chosen the hourly chart here.

Reversal setups are always riskier because the reversal must occur into a long term counter trend. That means the force and momentum is tremendous and not easy to flip. Due to that it is not uncommon to see a reversal signal and then watch the markets bounce within that reversal candle range as the market begins shifting. For this reason reversals are most risky than trend-trading but when they do work out the reversal can be quite explosive as many positions are forced to unwind quickly, a.k.a. long/short squeeze.

I will be watching this closely to see if the short term momentum can build into long term momentum and we finally get a trend change in this pair.
May 16
Trade active: Price has now broken up in a big way from this double bottom. This short term momentum could roll up into the long term momentum needed for a major bullish breakout.
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