Been watching this for a number of weeks. If the flash crash candle is ignored, there is potentially a diamond reversal pattern forming. Its not the most reliable pattern and difficult to trade. But when it does work, the upswing tends to be aggressive.
With all the poor Aussie fundamental backdrop and rates differential v US, it had held 70 for more 6 months. It closed above strong weekly trend line last week.
On the balance of probability it looks like a diamond. A green candle next week will strengthen the likelihood of this reversal pattern.
With all the poor Aussie fundamental backdrop and rates differential v US, it had held 70 for more 6 months. It closed above strong weekly trend line last week.
On the balance of probability it looks like a diamond. A green candle next week will strengthen the likelihood of this reversal pattern.