AUDUSD Rise After Breakout?
As you see in the 4H time frame, price is in an uptrend and is moving on an ascending trend line.
On the other hand, price failed to make a higher high in its last upside move and made a lower high and a higher low which created a triangle formation.
Currently, price is testing the ascending trend line and has been pushed to the upside after retesting it.
We should wait for the red resistance line (upper side of the triangle) to be broken out, and if price could fix above this level, we can expect a rise on AUDUSD to the green level at 0.6890 which is a resistance level.
This analysis will be canceled if price breaks the trend line to the downside.
On the other hand, price failed to make a higher high in its last upside move and made a lower high and a higher low which created a triangle formation.
Currently, price is testing the ascending trend line and has been pushed to the upside after retesting it.
We should wait for the red resistance line (upper side of the triangle) to be broken out, and if price could fix above this level, we can expect a rise on AUDUSD to the green level at 0.6890 which is a resistance level.
This analysis will be canceled if price breaks the trend line to the downside.
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