Based on the previous analysis we posted on the 20th of this month about the double bottom on the daily time frame chart(www.tradingview.com/...he-upside-continues/),price pulled back down after reaching the resistance. On the 4hours time frame the price chart of AUDUSD the price is at it again, testing the resistance the 3rd time.
The price chart with such formation is called the CUP&HANDLE CHART PATTERN.
The cup and handle chart pattern is a bullish reversal chart pattern which can be found on any time frame. The main focus here is the horizontal resistance of the cup and handle, which price has been leaning on for some time and trying hard to breakout from. Price needs to close above the resistance for this pattern to be valid. we always make this statement because it is most important part of technical analysis(when dealing with pattern)
The levels to keep an eye on are as follows:
Breakout level: $0.69099
Resistance 1: $0.69446
Resistance 2: $0.70027
Resistance 3: $0.70695
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
The price chart with such formation is called the CUP&HANDLE CHART PATTERN.
The cup and handle chart pattern is a bullish reversal chart pattern which can be found on any time frame. The main focus here is the horizontal resistance of the cup and handle, which price has been leaning on for some time and trying hard to breakout from. Price needs to close above the resistance for this pattern to be valid. we always make this statement because it is most important part of technical analysis(when dealing with pattern)
The levels to keep an eye on are as follows:
Breakout level: $0.69099
Resistance 1: $0.69446
Resistance 2: $0.70027
Resistance 3: $0.70695
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.