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TheSnowballEffect

Trendline break long setup

Long
Euro / Australian Dollar (FX:EURAUD)  
TheSnowballEffect  
FX:EURAUD   Euro / Australian Dollar
Trend Analysis Chart Patterns EURAUD
3
0
trendanalysis chartpattern euraud
snapshot
We can see from the higher timeframe that price has been bouncing on support and is now ready for a new leg upwards.
Price formed a double bottom with the second bottom being lower, and the RSI being higher, so this gives us RSI divergence.
Furthermore, the second bottom has formed a Head & Shoulders on the lower timeframe, thus creating a spring + breaking the downwards trendline (in blue).
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