AUD/USD: Double Bottom. The bulls have to take out 0.7!
Hello dear Forex & Aussie-Dollar friends,
the bulls better show some reaction now! On the weekly we're at clear 2015 & 16 lows, which currently gives a good bounce opportunity. We had a clear Descending Triangle break previously, with the strong bottom trendline break of the 0.7 USD range.
Now the bulls reacted at the 0.685 range, building a nice potential Double Bottom, with the pullback high exactly at the previous bottom of 0.7. => The bulls definitely have to see the break of this neckline, to see a nice bounce opportunity into the 70ies range again.
If they fail to show some reaction now, it doesn't look good on the Monthly: 2009 lows at 0.62 range would be waiting.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
the bulls better show some reaction now! On the weekly we're at clear 2015 & 16 lows, which currently gives a good bounce opportunity. We had a clear Descending Triangle break previously, with the strong bottom trendline break of the 0.7 USD range.
Now the bulls reacted at the 0.685 range, building a nice potential Double Bottom, with the pullback high exactly at the previous bottom of 0.7. => The bulls definitely have to see the break of this neckline, to see a nice bounce opportunity into the 70ies range again.
If they fail to show some reaction now, it doesn't look good on the Monthly: 2009 lows at 0.62 range would be waiting.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
