AUDUSD showing confluence of technical buy signals
Whenever the chart shows a confluence (i.e. 2 or more) of technical indicators at about the same price zones, it is more likely to see a higher probability of a successful trade.
For AUDUSD, i see a confluence of 2 technical buys. First, AUDUSD is trading within this green rising channel. This rising channel is a classic textbook pattern. Notice that AUDUSD very nicely touches 2 times the upper line of the rising channel. Furthermore, AUDUSD is approaching point 3 of the bottom of the rising channel. AUDUSD may do a significant bounce up from point 3.
Second, there is a harmonic pattern embedded within this rising channel. Its a bullish gartley harmonic pattern. The PRZ (potential reversal zone) is at the 78.6% FIB retracement, which is about 0.7700.
With these 2 technical patterns in play, i like this trade.
Long AUDUSD 0.7690-0.7700
SL below 0.7650
TP 0.7900
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ForexPositive.com
Twitter ForexPositive
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For AUDUSD, i see a confluence of 2 technical buys. First, AUDUSD is trading within this green rising channel. This rising channel is a classic textbook pattern. Notice that AUDUSD very nicely touches 2 times the upper line of the rising channel. Furthermore, AUDUSD is approaching point 3 of the bottom of the rising channel. AUDUSD may do a significant bounce up from point 3.
Second, there is a harmonic pattern embedded within this rising channel. Its a bullish gartley harmonic pattern. The PRZ (potential reversal zone) is at the 78.6% FIB retracement, which is about 0.7700.
With these 2 technical patterns in play, i like this trade.
Long AUDUSD 0.7690-0.7700
SL below 0.7650
TP 0.7900
=====
ForexPositive.com
Twitter ForexPositive
=====
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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.