GBPAUD formed an ascending triangle. We could see a horizontal upper line (that would be a resistance) and a lower uptrend line (that would be a support).
Prices moves with equal highs, and lows higher than previous.
Then after a few attempts, the prices finally break through resistance.
The ascending triangle is a continuation pattern. Prices come from an uptrend then prices bounce inside the triangle before breaking higher.
To confirm the breakout, the price should close above the resistance line, if so, make a long. The profit target is the distance away as the back of the triangle.
Prices moves with equal highs, and lows higher than previous.
Then after a few attempts, the prices finally break through resistance.
The ascending triangle is a continuation pattern. Prices come from an uptrend then prices bounce inside the triangle before breaking higher.
To confirm the breakout, the price should close above the resistance line, if so, make a long. The profit target is the distance away as the back of the triangle.
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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.