Weekly Pennant, Daily Bull Flag Confirmed! - AU
Updated
Here I have AUD/USD on the Weekly & Daily Charts!
Starting on the Weekly:
- Price has been creating Lower Highs into Higher Lows forming a Pennant Pattern!
- Price will consolidate in this formation until we are given a Bullish or Bearish Break.
- Aug. 5th - RBA decides to HOLD rates @ 4.35%, afterwards we see a Fake-out of Price
Breaking Down the Daily:
- After the Fake-out, we see Price make a Bullish run and create an Equal High
- Going from the Low of the Fake-out @ .63478 to the Equal High @ .68239, Price follows a Descending Channel until making a Fibonacci Retracement to the 38.2% Level, leading to a Bullish Break Confirming a Bull Flag Pattern!
- Sept. 18th - FED decide to Cut rates by 50 BPS to 5%, afterwards on Sept. 19th Price Closes Bullish Above the Resistance-Turned-Support giving us a Higher High and Potential Buying Opportunities!
I suspect the next area of Resistance Price will come to is at the over head Swing High @ .6895 and Falling Resistance where ultimately I believe AUD will give a Bullish Break to the Weekly Pennant and we will see Price continue to climb!
Indicators:
* RSI is beginning to become sustained Above 50
* BBTrend is printing Green Bars
* If you take the two Largest Bearish Candles in recent Price Action ( Sept. 3rd & Sept. 6th in Descending Channel), we can see that the Volume Delta prints -36.103K for the 3rd but only -20.958k for the 6th, Signaling less Bearish Participants!
Starting on the Weekly:
- Price has been creating Lower Highs into Higher Lows forming a Pennant Pattern!
- Price will consolidate in this formation until we are given a Bullish or Bearish Break.
- Aug. 5th - RBA decides to HOLD rates @ 4.35%, afterwards we see a Fake-out of Price
Breaking Down the Daily:
- After the Fake-out, we see Price make a Bullish run and create an Equal High
- Going from the Low of the Fake-out @ .63478 to the Equal High @ .68239, Price follows a Descending Channel until making a Fibonacci Retracement to the 38.2% Level, leading to a Bullish Break Confirming a Bull Flag Pattern!
- Sept. 18th - FED decide to Cut rates by 50 BPS to 5%, afterwards on Sept. 19th Price Closes Bullish Above the Resistance-Turned-Support giving us a Higher High and Potential Buying Opportunities!
I suspect the next area of Resistance Price will come to is at the over head Swing High @ .6895 and Falling Resistance where ultimately I believe AUD will give a Bullish Break to the Weekly Pennant and we will see Price continue to climb!
Indicators:
* RSI is beginning to become sustained Above 50
* BBTrend is printing Green Bars
* If you take the two Largest Bearish Candles in recent Price Action ( Sept. 3rd & Sept. 6th in Descending Channel), we can see that the Volume Delta prints -36.103K for the 3rd but only -20.958k for the 6th, Signaling less Bearish Participants!
Note
Here on the Hourly Chart, you can see Price has been creating a Triangle on this area of Support!
Price currently has given us a Bullish Break of the Falling Resistance!
-For any Buying Opportunities, we are going to want to wait for a Retest of this Break to Confirm its Valid!
Trade active
Price tested the Falling Resistance @ .68108!
Buy Entry @ .6811
SL @ 6785
Trade active
Price is at the Resistance Zone!
Looking for a Break and a Close candle above Resistance to continue Higher!
Trade active
Price has surpassed Last Weeks High's and is now testing the Highs and possibly turning this Resistance into Support!
Buy Entry @ .6838
SL @ .6815
Trade active
So far AU is giving us a strong push from the Break of Structure and Support from testing the Previous High!
Trade active
Price has worked into a Bullish Wedge at Last Weeks High in the .6830 Area!
Currently we are getting a Strong Bullish Break of this Wedge with alot of Bullish Volume behind it!
Trade active
Price has not only made a Golden Fib Retracement but also Retested the Break of the Bullish Wedge!
Buy Entry @ .6837
SL @ .6815
Trade closed: stop reached
SL for the .6837 Buy Entry was stopped out by 1 pip!!
Still holding onto the .6811 Buy Entry!!
Trade closed: target reached
Price hit the Swing High at .6895 as the TP!
Novi_FIbonacci
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