nmike

AUDUSD weekly update (triangle auto cloning)

FX:AUDUSD   Dollar Australien/Dollar Américain
32
Maybe some positive pips under the Christmas tree for those longing AU. I've drawn a triangle with the corners touching significant swing points, this becomes the reference triangle. By clicking on the clone function you automatically get a triangle clone placed above the reference triangle, you repeat by clicking the clone function on the last placed clone.
The AU finished the week with a long lower tail candle at support with positive divergence. The daily frame is showing a bullish candle pattern and a positive diverging Fisher double bottom, so it’s likely that AU will have a bounce up from here. The near term upside target is the base of triangle clone 1. Failure to hold current support could see AU fall to around .86 near term.

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