-Price went up and reached our coveted 1.09200 zone breaking the previous high found at 1.09100 area. -It was met by a high resistance at 1.09200 area and fell to establish a new higher high supported by our trendline.
-Note that on touching the trendline, price shot back up to close above the minor resistance at 1.08900 area as though it found support here.
-Looks like price is just consolidating between the zones 1.08400 & 1.09200. The trendline however holding strong and ensuring that we form higher lows & higher highs as if an ascending triangle.
-I am optimistic we will break the 1.09200 area.
-I hope the chart and explanation makes sense to you too.
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Look at the difference in areas price support and resistance as per the line chart and compare it with the candlestick chart..
-Huge difference huh?
-I find the line chart more accurate in mapping out support & resistance compared to the candle chart.
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-Place a buy stop above the kangaroo tail around price 1.09025 so that if price breaks above the kangaroo tail it triggers the trade and ride it up to the 1.10000s.