Pro's - good reversal pattern. - price sat at good support. - recent break of downward trendline, now retesting. - 0.5 Fib retracement level from previous swing low to high Con's - Trending against the trend - Trading through EMA's including 50EMA on daily. Thoughts? Please comment below
AUDUSD shows a divergence on the 4-hour chart. The support // resistance lines in green are old made back in time from the daily chart. Fibonacci confluence shows that the 38.2% retracement-line could be a very likely first target. Good luck!
1. Look for price to go down to the 2nd support level of .5. 2. Price may retrace 2 times at .5 & .382 before the big breakout "Long" 3. Regardless the price will break through the channel by 5/30/2016 4. The Uptrend will start once this happens. 5. If the price does this look to enter between 1.30028-1.29700 on a"Long" 6. Profit Target is between (A)1.31439-(B)1.31266
Firstly, we see in this chart that buyer pressure is much higher than selling pressure at this juncture. We are in a critical space where shorts should have easily broken the barrier but they barely grazed it. As you can see RSI is holding strong and stable through this "dump." Volume is a bit low, but that's how it is before the surge of buyers see money pouring...
HI ALL, We might see a Bullish Cypher pattern setup here. We need to see a D leg Completion at a 0.786% for it to complete. Stops above X leg TGT 1 0.382 TGT2 0.618% Best of luck :)