AUDUSD Reached the top of my 4hr bollinger bands on MT4 app.
Broke out of its channel a few days ago and has broken through a trend line support and is currently retesting.
If you follow the link in the "Related ideas" box this will take you to the AUDUSD heat map.
This tells you that the market is seriously over brought and in the short term in a bullish move...
ON the Daily timeframe we see a massive spike in February and topped out in March. The massive amount of bearish pressure created a massive dump in price over the span of 3 months. This was also the start of a bearish Triangle which indicates that price could drop alot more. more recently on the 1hr and 4hr time frames it has shown Falling Wedge pattern which also...
Divergence on the hourly TimeFrame with a break in Higher highs and lows which has broken its uptrend and showed a weakness in that Bullish momentum. It has also presented a double top formation.
These are 2 very strong conformations that show the possibility of the pair continuing to fall to a lower level.
I am no expert so do not take this as a definite move...
It’s down trend was ended strongly with a tri-star pattern. It then created a higher high and higher low.
After breaking through the resistance level, it then presented another confirmation for the end of the current (down)trend with Three White Soldier pattern which symbolises the reversal from bear to bull.
Placing my fib zone from the first strong bullish...
Strong down trend comes to an end showing a bullish hammer then went onto create a higher high and higher low.
Could be the start of new channel maybe ?
Broke through the previous resistance then rejected the newly support and entered the GOLD fib zone.
Also looks like the 2 SMA’s are going to cross.
I am fairly new to trading with a couple months experience, so...
