Forex Positive

AUDUSD showing confluence of technical buy signals

FX:AUDUSD   Australian Dollar/U.S. Dollar
Whenever the chart shows a confluence (i.e. 2 or more) of technical indicators at about the same price zones, it is more likely to see a higher probability of a successful trade.

For AUDUSD             , i see a confluence of 2 technical buys. First, AUDUSD             is trading within this green rising channel . This rising channel is a classic textbook pattern. Notice that AUDUSD             very nicely touches 2 times the upper line of the rising channel . Furthermore, AUDUSD             is approaching point 3 of the bottom of the rising channel . AUDUSD             may do a significant bounce up from point 3.

Second, there is a harmonic pattern embedded within this rising channel . Its a bullish gartley harmonic pattern . The PRZ (potential reversal zone) is at the 78.6% FIB retracement, which is about 0.7700.

With these 2 technical patterns in play, i like this trade.

Long AUDUSD             0.7690-0.7700
SL below 0.7650
TP 0.7900

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