Hello fellow traders,
As usual I keep my analysis very simple.
We are looking at a monthly chart of AUD/USD. As you can see the price formed a nice descending triangle. But I remain bullish on this pair. We have a huge volume on March defending the levels at approx 0.60600 when we actually made a nice double bottom (last one was in 2008) .
Once we break to the up side I expect us to make new highs (measured move the yellow arrow) , or at least test the previous highs.
Taking in consideration the COVID19 situation in Australia and compare it to the US , as well how it affects the economies in two countries, i guess we all see the artificial pump of US economy so far, and as of this simple look it makes me even more optimistic about AUD breaking high from this triangle.
I wish you all good luck and smart trades.
If you like my content please make sure to follow since I publish few times a week and make sure to keep up with the ideas.
Thank you
As usual I keep my analysis very simple.
We are looking at a monthly chart of AUD/USD. As you can see the price formed a nice descending triangle. But I remain bullish on this pair. We have a huge volume on March defending the levels at approx 0.60600 when we actually made a nice double bottom (last one was in 2008) .
Once we break to the up side I expect us to make new highs (measured move the yellow arrow) , or at least test the previous highs.
Taking in consideration the COVID19 situation in Australia and compare it to the US , as well how it affects the economies in two countries, i guess we all see the artificial pump of US economy so far, and as of this simple look it makes me even more optimistic about AUD breaking high from this triangle.
I wish you all good luck and smart trades.
If you like my content please make sure to follow since I publish few times a week and make sure to keep up with the ideas.
Thank you