Pattern Review for Ascending Triangle AUD/JPY on 30m.
Updated
Pattern Formation
- Ascending Triangle: The green dotted lines form an ascending triangle pattern, which typically indicates a bullish continuation. The horizontal resistance line is around 108.545, and the rising trendline provides support.
- Head and Shoulders: There appears to be a smaller head and shoulders pattern within the ascending triangle, which can indicate a potential bearish reversal if it plays out.
Volume Profile Analysis
- High Volume Nodes: There is a noticeable high volume around the 108.3 level, suggesting strong buying interest in this area.
Price Action Analysis
1. Top Right (1-Month Candle Chart):
- Trend: The monthly chart shows an overall uptrend with a series of higher highs and higher lows.
- Candlestick Patterns: Recent monthly candles are predominantly green, indicating sustained bullish momentum.
2. Mid Right (2-Week Candle Chart):
- Trend: The 2-week chart shows a more detailed view of the uptrend, with recent consolidation near the 108.500 level.
- Candlestick Patterns: Mixed candlesticks with both bullish and bearish pressures, but recent candles suggest a bullish bias.
3. Bottom Right (Weekly Candle Chart):
- Trend: The weekly chart shows a clear uptrend, with the price consistently making higher lows.
- Candlestick Patterns: Recent green candles indicate a continuation of the bullish trend, although with some signs of consolidation.
Disclaimer
This analysis is provided for informational purposes only and should not be considered financial advice. Trading financial instruments involves risk, and you should perform your own research and analysis before making any investment/trading decisions. Always consult with a professional financial advisor.
- Ascending Triangle: The green dotted lines form an ascending triangle pattern, which typically indicates a bullish continuation. The horizontal resistance line is around 108.545, and the rising trendline provides support.
- Head and Shoulders: There appears to be a smaller head and shoulders pattern within the ascending triangle, which can indicate a potential bearish reversal if it plays out.
Volume Profile Analysis
- High Volume Nodes: There is a noticeable high volume around the 108.3 level, suggesting strong buying interest in this area.
Price Action Analysis
1. Top Right (1-Month Candle Chart):
- Trend: The monthly chart shows an overall uptrend with a series of higher highs and higher lows.
- Candlestick Patterns: Recent monthly candles are predominantly green, indicating sustained bullish momentum.
2. Mid Right (2-Week Candle Chart):
- Trend: The 2-week chart shows a more detailed view of the uptrend, with recent consolidation near the 108.500 level.
- Candlestick Patterns: Mixed candlesticks with both bullish and bearish pressures, but recent candles suggest a bullish bias.
3. Bottom Right (Weekly Candle Chart):
- Trend: The weekly chart shows a clear uptrend, with the price consistently making higher lows.
- Candlestick Patterns: Recent green candles indicate a continuation of the bullish trend, although with some signs of consolidation.
Disclaimer
This analysis is provided for informational purposes only and should not be considered financial advice. Trading financial instruments involves risk, and you should perform your own research and analysis before making any investment/trading decisions. Always consult with a professional financial advisor.
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Disclaimer
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