Due to the following reason, the long position is good for me.
1. Higher time frame shows the ascending channel
2. Also lower time frame shows the ascending channel too. Thus it is much more possible that price will go beyond the channel
If AUDHKD takes support on the 5.62 level and breaks out the downtrend line possible to make HH. If it breaks down to 5.62 level possible to go down to 5.57 or more.
The pair is currently on support and on the 4H TF a bullish pinbar has been formed.
We have a long opportunity untill the first supply zone.
R/R 3.32
ORDER TYPE: MARKET
TARGET: 6.06922 📈
STOP LOSS: 5.96638 ❌
Trade safe! Follow for more ideas!
After breaking out of a falling wedge, I am really Bullish on this pair. This post need no explanation, If you like this post.. do help support me by Liking, commenting and you could follow for more hidden analysis.
I think we need aud to drop a bit more before we can enter in a buy position with it as the RSI is getting a bit overvalued and also it broke down of its wedge pattern. What do you think? Leave your comments and likes below. WARNING! I am not a financial adviser and take this advice with a grain of salt. Tell me what I should analyze next!
Onto the Hong Kong Dollar pair series, we have HKDAUD first up. Bearish. Zigzag forming now, in C Wave. Fibonacci extension gives me three goals in purple, and invalidation is in red as per usual. Remember, this is not financial advice - your decisions are your own.
