Currently seeing a retracement in PA following a breakout of a long-term rectangle pattern, shorter term descending triangle pattern. Looking for a retracement back into the 1.24000 SR zone (strong weekly and daily SR area), which would not only see a retest of the breakout resistance area but would also test the 50/61.8% fib levels. An ABCD pattern would put...
Hitting a previous weekly and daily S&R zone, with a strong bullish push after touching the 1.37000 price point.
Minor double bottom formation with an RSI divergence.
Expecting a push back to the 61.8/76.4% retracement zone, possibly with a rejection of the downwards trend line
PA has formed a nice pin bar on a previous daily S&R zone as well as in a weekly S&R area. The daily candle couldn't close above the previous day's high, which along with the substantial wick, indicates weakness in the pound vs the dollar
Looking for bearish confirmation prior to entering trade. Targeting the 1.46 to 1.45 area for profit taking.
Following the RBA's no rate change announcement, AUD climbed strongly. The price has stalled at a previous S&R zone as well as a 50% retracement level of the previous movement, making higher highs but with strong rejection of the highs by the bears. Looking for bearish confirmation prior to entering trade and looking to see how the PA reacts around the 0.94500...
Second descending triangle forming, with a significant pin bar at the downward slope of the triangle as well as a previous minor S&R level. Potentially heading down to retest base of triangle. If the PA breaks the base there maybe a downside movement to potentially the 1.20000 zone. Otherwise a failure of the descending triangle would see a retest of the 1.27860 zone