Billionaireat30
New member
Risk assets jumped overnight and interestingly, the AUD and NZD both followed some very nice technical patterns.
I had a look at both pairs yesterday and sure enough, both played out in line with what we were expecting.
The AUD/USD has made perhaps the more prominent break, given that it was setting up very nicely in that triangle formation. This was a classic pattern where the higher lows, really indicate that buyers are interested and bidding strongly.
What’s more, I now think we could see a little more upside here as well. The Aussie is honing in on the major resistance level of 0.7400 and I think that level will act as a big magnet for price.
As we can see, price last attempted to take on that level back in September and failed.
Once again, we don’t know if price will break or fail, but we can be expecting to see a test at the least and that might be a trade we can look at. That said, the key here was buying ahead of the break, or now perhaps the pullback and retest of support.
I had a look at both pairs yesterday and sure enough, both played out in line with what we were expecting.
The AUD/USD has made perhaps the more prominent break, given that it was setting up very nicely in that triangle formation. This was a classic pattern where the higher lows, really indicate that buyers are interested and bidding strongly.
What’s more, I now think we could see a little more upside here as well. The Aussie is honing in on the major resistance level of 0.7400 and I think that level will act as a big magnet for price.
As we can see, price last attempted to take on that level back in September and failed.
Once again, we don’t know if price will break or fail, but we can be expecting to see a test at the least and that might be a trade we can look at. That said, the key here was buying ahead of the break, or now perhaps the pullback and retest of support.
