Long

AudUsd recovering after break of weekly trendline

Updated

AudUsd has broken above weekly trendline down and it is acting as support now
(blue line on the chart)
We see some kind of closing wedge pattern emerge above this support
The pair rejected the lows of 0.70 a couple of times, and is supported below by red trendline now

Resistance here comes from 50 and 100SMA, but these should be broken to the upside soon
and the pattern should be broken to the upside, too

Entry point anywhere between current price and 0.7050
SL is 0.70 - below pattern, TP is the red trendline (200SMA) around 0.72

Gl

Note

As you can see the pair is following analysis
If you are already long below 0.71, I suggest you move stop to breakeven
There is another possibility to go long after a break of upper border around 0.7180
(if you wait to see if the upper border trendline will act as support)

Note

AudUsd has dropped back within pattern
Lower support - upward trend - should hold the decline and is a good place to buy
before another breakout

Note

Pair has broken back above resistance/upper border, and is holding above this time
and the pattern is closing, so one could buy here with a SL just below 0.71 (lower border)
and a TP just below resistance line of previous highs, so TP around 0.7360

Note

Another buy opportunity here - 0.71 is support, and trendline up is holding
look to buy below/around 0.7150 - with TP above previous highs at 0.7250 - SL 0.71
That is a RR ratio of at least 2:1

Note

breakout from pattern seems complete now, next logical target should be the taking out of previous daily highs and challenge of 0.74

Note

A move down towards lower rising trendline would off another good buy opportunity

AdamFx42

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