ALUMINIUM / USA DOLLAR (XALUSD)
Updated
Note
OBSERVATIONS OF PATTERNS:
DAILY & WEEKLY: BULLISH W/BOTTOMS
1HR, 2HR, 4HR: PRICE ACTION IN RISING WEDGES
1M: PRICE FALLING OUT OF RECENT FALLING WEDGE WHICH CAN BE BULLISH SHORT TERM.
15M: PRICE ACTION EXITING CRIMSON COLOURED FALLING WEDGE INTO RISING WEDGE WITH PRICE FALLING OUT & TURNING UPWARDS.
30M: PRICE RECENTLY RISING OUT OF BULLISH BUY ORDER BLOCKS.
Aluminium is not something I would normally trade as there is not a huge amount of volume but it's very oversold at these levels & very bullish on the long term time frame with the W/bottoms. Looking for a price of around 2800 in the short term which would represent a 21.5% gain. Stop loss below the recent lows around 2059.
Note
Trade is gaining traction right now as markets in Asia are very strong and bullish, Silver is also hammering upwards. Back to aluminium, you can see it is up 0.66% today and on the 3 minute time frame is pushing up into the premium top end of screen. Hope you caught it. Not too late. Look for a pulllback. High time frames very bullish on W/bottoms. Australia out.
Trade active
XALUSD POWERING ON. UP NOW 0.80%.
HIGHER TIMEFRAME CURRENT STATE OF AFFAIRS BELOW:
XALUSD_2024-08-12_17-46-41_7abe1.png
Trade active
XALUSD_2024-08-12_17-46-41_7abe1.png
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.