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
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
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
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
