AUD/USD is moving within a two-year old figure, which at the moment is developing as a pennant and so far the pair has reached its trend lines five times: it has reached the resistance twice and the support three times. It is possible for the figure to change and for it to turn out to be a flag and and not a pennant, for example, but for the moment I think it is a pennant.
In all cases we should observe this figure that has been developing in the long term – for now we can just suppose whether it will look exactly like that once it is complete.
One thing is certain, however: once the figure is complete and there is a breakout we could expect a profit of a little over 1000 pips, which is the height of the figure at its base.
Good insight.
ReplyDeleteGood post!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteWill keep your assessment in mind.
ReplyDeleteNot a good sign for bulls.
ReplyDeleteExcellent Analysis!
ReplyDeleteI fully agree with your view.