Potential bull pennant on AUDUSD
The AUDUSD on daily chart found support above the 20 EMA and bounced off strongly. Prices are consolidating in a triangle formation after a steep rise throughout first half of November in what seems like a bull pennant in making. The RSI also shows some bullish bias having found support above 50.
A break above the pennant would be a strong sign for further upside. We advocate a buy stop order with entry at 0.6798 (R1), targets at 0.6898 (R2) and 0.7010 (R3) in extension. Recommend a stop loss at 0.6700 (S1).
🟢 Entry: 0.6798 (R1)
🎯 Target 1: 0.6898 (R2)
🎯 Target 2: 0.7010 (R3)
⛔️ Stop: 0.6700 (S1)
A break above the pennant would be a strong sign for further upside. We advocate a buy stop order with entry at 0.6798 (R1), targets at 0.6898 (R2) and 0.7010 (R3) in extension. Recommend a stop loss at 0.6700 (S1).
🟢 Entry: 0.6798 (R1)
🎯 Target 1: 0.6898 (R2)
🎯 Target 2: 0.7010 (R3)
⛔️ Stop: 0.6700 (S1)
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