This week, lack of US and Australia data so I concentrate in Technical Analysis.
Strong resistance: 0.7430, A/U is not momentum to break through this level.
Minor resistance : 0.7375 : 4 month high.
AUDUSD broke SMA100 ,it've hold above this level since May, so SMA100 is a level we must watch if we want to SELL.
The biggest story I want to share is the symmetric pattern I draw on the chart. This is rare pattern we rarely see when you analyze chart. It contain two channels: A descending channel and ascending channel. There are a lot of types of this kind of pattern, but channel symmetric pattern is a typical pattern.
We come to the end of symmetric pattern : A bounce to finish pattern is what I wait.
0.7375 is the end of AUDUSD rally.
I will SELL AUDUSD to finish symmetric pattern.
Strong resistance: 0.7430, A/U is not momentum to break through this level.
Minor resistance : 0.7375 : 4 month high.
AUDUSD broke SMA100 ,it've hold above this level since May, so SMA100 is a level we must watch if we want to SELL.
The biggest story I want to share is the symmetric pattern I draw on the chart. This is rare pattern we rarely see when you analyze chart. It contain two channels: A descending channel and ascending channel. There are a lot of types of this kind of pattern, but channel symmetric pattern is a typical pattern.
We come to the end of symmetric pattern : A bounce to finish pattern is what I wait.
0.7375 is the end of AUDUSD rally.
I will SELL AUDUSD to finish symmetric pattern.