AUS-USD (uptrend)
Quick Trading Journal Entry:
Uptrend expected, to the upper line on the orange rectangle-condensed trading zone (resistance at the blue horizontal line, 0.76417).
Major resistance at red horizontal line (0.78422).
Expected peak of the uptrend, around: October 31st, with the relative strength index peaking at the 80% marker. The R.S.I also broke out of a long downtrend (green line). Breaking above 0.78422 would be unlikely, since the R.S.I at the point would be overbought, above 80%. Divergence is a possibility, with a peak around November 10th.
Trading is expected to stay within the purple parallel lines though, for both the Price chart and R.S.I Chart.
The pink circle on the relative strength index could predict an "M" bearish pattern signifying a possible immediate downtrend.
Uptrend expected, to the upper line on the orange rectangle-condensed trading zone (resistance at the blue horizontal line, 0.76417).
Major resistance at red horizontal line (0.78422).
Expected peak of the uptrend, around: October 31st, with the relative strength index peaking at the 80% marker. The R.S.I also broke out of a long downtrend (green line). Breaking above 0.78422 would be unlikely, since the R.S.I at the point would be overbought, above 80%. Divergence is a possibility, with a peak around November 10th.
Trading is expected to stay within the purple parallel lines though, for both the Price chart and R.S.I Chart.
The pink circle on the relative strength index could predict an "M" bearish pattern signifying a possible immediate downtrend.
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