AUDUSD Long (using support resistance levels and rectangle)
Now let's take a look at how AUDUSD acted out since November 2016. As you can see the strong 0.77615 Resistance held and the initial downtrend begun ; downtrend continued but eventually stopped right around the very end of December , 0.71633 support level stays strong and the uptrend has begun. As shown , the first uptrend moved kind of strong up towards the 0.75000 resistance line and after struggling it eventually broke it.Now we are looking at a second uptrend (trend line #2). during this trend , chart has formed 2 rectangle formations. Price action eventually broke out of first one and then again has formed another rectangle. It's kind of expected that Price action will break the rectangle and rise to around 0.77615 (the strong resistance which was held back in November) .
It might look a little late to enter the long but there still might be a chance to get a ~2 rrr .
It might look a little late to enter the long but there still might be a chance to get a ~2 rrr .
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