Take this analysis with a grain of salt
AUD pairs have been really bullish lately but this one in particular is having trouble making new higher highs.
Price has broken the trend line and key level, it also looks like it's forming a head and shoulders pattern.
It would be an aggressive trade if you entered here after some more rejection forms as AUD is still...
Price is in a steady uptrend making new higher highs, price has finally broken through resistance and I am now waiting for price to retest the zone a couple of times and I will enter if I see the candlestick pattern I am looking for.
This trade was incredibly simple (EZPZ)
1. Price formed a falling wedge pattern which is bullish
2. Price hit my S/R level
3. Price hit my zone on my Fibonacci
4. There was also divergence on the 4H time-frame
Side note for another entry: If price keeps pushing upwards, it could retrace onto the S/R level/Pivot Point and continue upwards.
List of confirmations:
1. Price has broken through the weekly downwards trend line.
2. Price reversed at my dynamic support and resistance level.
3. A strong bullish engulfing candle was presented on the weekly time frame.
4. Price is above my 14 EMA on the daily chart which means that price has formed a new bullish trend.
5. Price has been forming higher...
The reason why I took this trade was because I had a monthly dynamic support and resistance line and the price failed to break through. In the past, the price has reacted to this line numerous times by plummeting downwards. Before this, price was in an uptrend and broke through the trend line once and climbed back up immediately. Price finally hit the S/R line and...
I am expecting price to fall once it breaks through this pennant pattern, if prices rises any higher then it could potentially hit the Fibonacci level at 38.2% and retrace downwards.
I am hoping for a reversal after it hits the level 38.2%, it should retrace but if not then it might form a double bottom and climb up. Please give me tips on for I can better myself. Thank you! :)
The overall trend seemed to be in an uptrend, I put a falling wedge within another falling wedge along with many lines of support and resistance but those two yellow lines are the most recent ones. As always, please comment on what I could do to improve myself. Thank you! :)
