AUDUSD - Repetitive Pattern? - EASY Market Structure
Updated
Hi Traders!
The market is clearly in an uptrend.
It is making higher highs and higher lows (see arrows).
So, the first trending move was until the orange Resistance area at around 0.62000.
After that, it retraced back.
This Retracement Move was in a parallel channel.
Then the market broke the channel and the Resistance too.
The second Trending Move was until the Resistance at 0.64500.
After that the market was making a Retracement Move.
Now the market is also testing the broken Resistance - which is now a Support.
We recommend to trade the Breakout for a Trend Continuation!
Thanks and successful Trading :)!
The market is clearly in an uptrend.
It is making higher highs and higher lows (see arrows).
So, the first trending move was until the orange Resistance area at around 0.62000.
After that, it retraced back.
This Retracement Move was in a parallel channel.
Then the market broke the channel and the Resistance too.
The second Trending Move was until the Resistance at 0.64500.
After that the market was making a Retracement Move.
Now the market is also testing the broken Resistance - which is now a Support.
We recommend to trade the Breakout for a Trend Continuation!
Thanks and successful Trading :)!
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