TPTrading
Long

AUDUSD Potential Bullish Cypher

FX:AUDUSD   Australian Dollar / U.S. Dollar
Price has reached resistance (red area) and RSI is signalling weakness. RSI is making lower highs while price is making higher highs = bearish divergence. It could mean that price will turn downside. If it falls down and continue moving down, it would form a Bullish Cypher pattern at point D. That would be the entry point for this Cypher trade. Entry point also stands on a rising trendline so it gives another reason to potentially take this trade. On the other hand if the price is to move through the trendline and close below it that could mean that price won´t bounce upwards, but will instead move further down.



Still looking good! Price did what was expected and turned down. Hopefully it will go all the way to D giving a great opportunity go long near that trendline.
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