Whenever the chart shows a confluence (i.e. 2 or more) of technical indicators at about the same price zones, it is more likely to see a higher probability of a successful trade.
For AUDUSD, i see a confluence of 2 technical buys. First, AUDUSD is trading within this green rising channel. This rising channel is a classic textbook pattern. Notice that AUDUSD very nicely touches 2 times the upper line of the rising channel. Furthermore, AUDUSD is approaching point 3 of the bottom of the rising channel. AUDUSD may do a significant bounce up from point 3.
Second, there is a harmonic pattern embedded within this rising channel. Its a bullish gartley harmonic pattern. The PRZ (potential reversal zone) is at the 78.6% FIB retracement, which is about 0.7700.
With these 2 technical patterns in play, i like this trade.
Long AUDUSD 0.7690-0.7700
SL below 0.7650
TP 0.7900
=====
www.ForexPositive.com
Twitter @ForexPositive
=====
For AUDUSD, i see a confluence of 2 technical buys. First, AUDUSD is trading within this green rising channel. This rising channel is a classic textbook pattern. Notice that AUDUSD very nicely touches 2 times the upper line of the rising channel. Furthermore, AUDUSD is approaching point 3 of the bottom of the rising channel. AUDUSD may do a significant bounce up from point 3.
Second, there is a harmonic pattern embedded within this rising channel. Its a bullish gartley harmonic pattern. The PRZ (potential reversal zone) is at the 78.6% FIB retracement, which is about 0.7700.
With these 2 technical patterns in play, i like this trade.
Long AUDUSD 0.7690-0.7700
SL below 0.7650
TP 0.7900
=====
www.ForexPositive.com
Twitter @ForexPositive
=====