Forex Positive
Long

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

=====
http://www.ForexPositive.com
Twitter @ForexPositive
=====
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out