AUDUSD could be going to 0.6950 in Tokyo or London if 0.6880...
AUD/USD has made a peak formation on the hourly charts with a move below 0.69 the figure from where it has formed a peak bullish formation and bulls will be looking to engage from within 0.69 again for a bust higher over the course of the forthcoming sessions. The money is above the various swing pints on the hourly time frame.
The Gartley pattern is a bullish feature on the chart whereby the target aligns with a 78.6% Fibonacci retracement of the current corrective range between recent highs and lows of 0.6965 and 0.6880.
The prior structure aligns with this target as being the 0.6945/50 area on the chart also. The resistances until there are 0.6912, 0.6922 and 0.6931.
The W-formations are bottoming patterns where the price has, so far, been supported by the necklines. This is bullish for the Tokyo open and the day ahead. On the other hand, a break below these necklines, 0.6906, 0.6896 and then the 0.6880 lows will be bearish.
The Gartley pattern is a bullish feature on the chart whereby the target aligns with a 78.6% Fibonacci retracement of the current corrective range between recent highs and lows of 0.6965 and 0.6880.
The prior structure aligns with this target as being the 0.6945/50 area on the chart also. The resistances until there are 0.6912, 0.6922 and 0.6931.
The W-formations are bottoming patterns where the price has, so far, been supported by the necklines. This is bullish for the Tokyo open and the day ahead. On the other hand, a break below these necklines, 0.6906, 0.6896 and then the 0.6880 lows will be bearish.
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at 2 mins 36, I meant to say, those who want to scalp ...not swing trade... anyway... so far so good, a W formation on the 15 min is forming, so waiting for a pullback before moving down to lower time frames to scalp long from an optimum entry point...those taking the swing trade , you should already be long and in profit and break of 6930 could be a good place to go break even... for those that are looking for the scalp..be patient ... more to come...
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will be moving to breakeven asap because PBoC set yuan fix weakest since Aug. 31, 2020, so that's US dollar bullishNote
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nice, we have a break of this resistance, take some off the table or move 100% to breakevenTrade closed: target reached
and for those swing traders, just a little more to go... may the markets go with you! done for the day!
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the last mention, there will be scalping opportunities on the downside from the Gartley target .. . peace out!
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.