This beggining of the year it seems triangles are shaping up and extended moves following breakout are in the waiting. Following yesterday's idea, this one is similar but now on AUDUSD.
A clear cut triangle appeared in the 1H chart and the breakout should be happening in the next 24 hours. Better to wait for the breakout to be confirmed in the 4H or ideally in the daily.
Then, it is up to you how to play it. I have put a FIB retracement ranging between the main weekly support and resistance, starting from the 2020 low and the 2021 high. The FIB levels match very well the price action and offer good guidance.
A clear cut triangle appeared in the 1H chart and the breakout should be happening in the next 24 hours. Better to wait for the breakout to be confirmed in the 4H or ideally in the daily.
Then, it is up to you how to play it. I have put a FIB retracement ranging between the main weekly support and resistance, starting from the 2020 low and the 2021 high. The FIB levels match very well the price action and offer good guidance.
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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.