A bilateral reversal chart pattern A bilateral chart pattern occurred that’s why we went for long position
Bilateralchartpattern
Bilateral chart pattern spotted in Cable (GBPUSD)The momentum is good on the upside so far but I don't wanna provide any signal at this point knowing the fact that this traditional chart pattern which is an ascending triangle pattern falling in the bilateral family tells us that "Be ready I am about to fall or rise soon". The direction is not fixed in such chart pattern and can go either way so but it's a good hint for now as the price is either trying to continue higher or pullback in the coming days. Interest decision is around but I don't think they will drop further lower. do you expect them to make a 0% benchmark rate? No right? If you think so buyers may not have much issues, either way, I don't mean to buy but be alert in a nutshell. A pair to have in the watchlist.
AUDCAD Possible Bilateral Chart Pattern: Ascending TriangleThis type of triangle chart pattern occurs when there are a resistance level and a slope of higher lows. What happens during this time is that there is a certain level that the buyers cannot seem to exceed. However, they are gradually starting to push the price up as evidenced by the higher lows. If you think bulls can take the ball away up to the horizontal line (resistance of ascending triangle) winning against bear and if you sentimentally think buyers can further dominate over sellers and price for this major pair should have more room upward then this idea might be for you. Loonie is still in pressure no matter lately how it dragging dollar (king) lower after some fundamental reason behind the state huge moolah printing of $2 trillion sentiments shifted crazy but we clearly know still oil haven't shown any good result. I reckon sentiment wise Aussie standing at such a point where it may even drag lower greenback in future days more then loonie. Overall I mean Aussie may combat in intensive strength against loonie in the coming weeks or month which let me think about this trade plan assuming there could be a price action way up to that resistance line of ascending triangle at least.
