USD Waving The Flag in AU?!
Updated
Here I have AUD/USD on the 1 Hr Chart!
Tonight, we have seen Price make a drastic turn to the Upside back into this Descending Channel it was traveling in last week!
With this False Break of the Falling Support, could we see the appearance of a BULL FLAG?!?!
Now with a Bull Flag, we expect valid tests of both the Falling Resistance and Falling Support!!
So far, we've had 2 tests and a False Break of the Support but we are missing a 3rd test of the Falling Resistance!
With Price using this Local Support level, I believe we could see that 3rd test of the Resistance!!
Now with NZD Low Inflation Expectation Results tonight, we're seeing some strength being put into AUD!!
Fundamentally for the rest of the week:
AUD-
Wage Price Index (Tue) Employment Change, Unemployment Rate (Wed)
USD-
PPI, Powell Speaks (Tue) CPI, Retail Sales, Empire State Manufacturing Index (Wed) Unemployment Claims (Thur)
Tonight, we have seen Price make a drastic turn to the Upside back into this Descending Channel it was traveling in last week!
With this False Break of the Falling Support, could we see the appearance of a BULL FLAG?!?!
Now with a Bull Flag, we expect valid tests of both the Falling Resistance and Falling Support!!
So far, we've had 2 tests and a False Break of the Support but we are missing a 3rd test of the Falling Resistance!
With Price using this Local Support level, I believe we could see that 3rd test of the Resistance!!
Now with NZD Low Inflation Expectation Results tonight, we're seeing some strength being put into AUD!!
Fundamentally for the rest of the week:
AUD-
Wage Price Index (Tue) Employment Change, Unemployment Rate (Wed)
USD-
PPI, Powell Speaks (Tue) CPI, Retail Sales, Empire State Manufacturing Index (Wed) Unemployment Claims (Thur)
Trade active
On the Re-Entry of the Channel after NZD news, I entered a Buy Entry based on the expectation that the False Break is the 3rd Test of the Support, with price now on its way to VALIDATE the FLAG PATTERNBuy Entry @ .9592
SL @ .9565
Note
*Correction to entry above*Buy Entry @.6592
SL @ .6565
Note
Price has pushed way up this am!! Giving us a strong Bullish Break of the Descending Channel bringing our CONFIRMATION of the Bull Flag that much closer!
Now we must WATCH for:
1) False Break
2) Valid Retest of Break
Note
Comment:If Price is strong enough, it could break through the Resistance Zone it's found and retest there!
Trade active
Took Buy Entry @ .6606SL @ .6602
Note
Moving Second Position SL to .6595Note
We need to continue to see Bullish Pressure pushing price back out of the channel!!Trade closed manually
Sell positions were CLOSED at midnight!!Note
Took Buy Entries upon closing SellsBuy Entry @ 1.0812
SL @
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
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