AUDUSD | WEEKLY FORECAST

2020년 7월 5일

AUDUSD follows suit!

Tendency: Uptrend ( Bullish )
Structure: Breakout | Pennant | Support & Resistance
Observation: i. A continuation pattern formed after Impulse Leg (flagpole), followed by a consolidation period with converging trend lines - the pennant - followed by a breakout movement in the same direction as the Impulse Leg initiates the second half of the Impulse.
ii. Looking out for a long position after a significant Breakout from the Pennant pattern which might lead to a further Breakout of Resistance level @ 0.70200 level confirming bias.
iii . The target point is established by applying the Impulse leg's height to the point at which the price breaks out from the pennant .
Trading plan: BUY confirmation with a minimum potential profit of 350 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 7 days

NB: This speculation can be considered to make decisions on lower timeframes.

Watch this space for updates as price action is been monitored.



Nirvana! Forex
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