Double Tap and AWAY!! - AU for FX:AUDUSD by Novi_Fibonacci

Double Tap and AWAY!! - AU

Here I have AUD/USD on the 1 Hr Chart!

Clear as day we can see 2 distinct Lows followed by a Pullback to .6653

Outlining what looks to be a Potential Double Bottom Pattern, I suspect we can see this pair move HIGHER!!

Adding Confluence to this idea is the fact we are getting a Strong RSI Divergence on these Lows showing Price is looking to head UP!

*Confirmation of Pattern comes when price BREAKS and CLOSES ABOVE CONFIRMATION!!
-Next we will look for a Retest of that Break for possible BUY OPPORTUNITIES!!

*Potential Target Profit being the Overhead Resistance Zone!

Trade active

Price has closed above and pulled back to the Confirmation of Pattern!

Buy Entry @ .6653
SL @ .6640

Note

Retails Sales came in @ .1% Actual v. .3% Forecast

With April numbers @ -.4%, this result is still a good turnout for AUD!

Note

HPI m/m - 7.4% Actual v 7.3% Forecast
HPI Y/y - .1% Actual v .5% Forecast

What makes y/y worse is the fact that this is a 1.1% decrease from April's 1.2%

Looking devastating for the USD!

Note

tradingview.com/news/macenews:99d56f183094b:0-us-dallas-fed-manufacturing-employment-index-5-3-in-may-vs-0-1-in-april/?mobileapp_new=true

Note

tradingview.com/news/reuters.com,2024:newsml_L1N3HV18W:0-comment-locked-and-loaded-for-0-6900-test-aud-usd-longs-just-need-a-trigger/?mobileapp_new=true

Novi_Fibonacci

"An investment in knowledge will pay the best interest." - B. Franklin

Novi's Trading Channel
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Novi_Fibonacci

"An investment in knowledge will pay the best interest." - B. Franklin

Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx