Can Aussie continue towards 3 Drives pattern completion?
My previous AUDUSD analysis suggested the Aussie will create a bullish opportunity near 0.7 - An aggressive C entry (bullish) for a potential 3 Drives pattern that will compete near 0.74.
Last week, $AUDUSD rallied 150 pips from the entry zone and reached first target level of the bullish setup - 0.715.
This is a resistance zone that includes the following:
- Downtrend line
- Broken uptrend line
- The 4H 200 SMA line
- Minor structure zone
This week, this zone will be tested:
Bearish scenario - Downtrend continues and $AUDUSD declines back towards 0.7
Bullish scenario - Price climbs above 0.715, return back to the uptrend line and breakout of the downtrend line - Creating bullish signal that it intends to rally higher and possibly complete the 3 Drives pattern.
Nearest support - 0.71, 0.7
Nearest resistance - 0.715, 0.72, 0.725 and 0.74
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/TFUjbZ
To subscribe to the newsletters - goo.gl/JfOLoR
Last week, $AUDUSD rallied 150 pips from the entry zone and reached first target level of the bullish setup - 0.715.
This is a resistance zone that includes the following:
- Downtrend line
- Broken uptrend line
- The 4H 200 SMA line
- Minor structure zone
This week, this zone will be tested:
Bearish scenario - Downtrend continues and $AUDUSD declines back towards 0.7
Bullish scenario - Price climbs above 0.715, return back to the uptrend line and breakout of the downtrend line - Creating bullish signal that it intends to rally higher and possibly complete the 3 Drives pattern.
Nearest support - 0.71, 0.7
Nearest resistance - 0.715, 0.72, 0.725 and 0.74
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/TFUjbZ
To subscribe to the newsletters - goo.gl/JfOLoR
Bình luận:
Great progress last week as Aussie broke out of its downtrend. Price is testing structure now. A close above 0.725 will probably lead to 0.74. Read more goo.gl/OqxESa
