AUDUSD - Daily
Pattern: Double Top/ Wedge
If it confirms being a double top or Wedge it shouldn't extend above the 50 EMA = 0.72020 areas. If it extends above, I expect the bulls to gain in control towards TL down and anywhere above would go towards key resistance areas of 0.72800 areas and perhaps towards 200 EMA. However, if we don't extend higher than 50 EMA both patterns are validated and key target areas of support are: 0.70710 & 0.70135
Fundamentals: We had AUD CPI strong fundamental data out of Aussie. However, I expect the market to be choppy until FOMC .
Trade safe.
Disclaimer: Not Financial Advice.
Pattern: Double Top/ Wedge
If it confirms being a double top or Wedge it shouldn't extend above the 50 EMA = 0.72020 areas. If it extends above, I expect the bulls to gain in control towards TL down and anywhere above would go towards key resistance areas of 0.72800 areas and perhaps towards 200 EMA. However, if we don't extend higher than 50 EMA both patterns are validated and key target areas of support are: 0.70710 & 0.70135
Fundamentals: We had AUD CPI strong fundamental data out of Aussie. However, I expect the market to be choppy until FOMC .
Trade safe.
Disclaimer: Not Financial Advice.
Trade closed: target reached
Trade closed: target reached:
2nd TP taken. (Scaling Out Position)