Confident_FX

AUD/USD W pattern completion idea

FX:AUDUSD   Dollar Australia / Dollar AS
AUD/USD has been bullish for almost all 2020, and from a weekly perspective it formed a W pattern when retesting the broken multi-year resistance trendline. Usually after a W formation I expect the price to go up and retrace to retest the previous resistance as new support. Also the price failed already twice to break the 0.774 ceiling. therefore I expect it to fall down in the next weeks until it hits the 38.2% level of the fibonacci taken on the impulse. But I wouldn't be surprised if the price goes further down around the 61.8% fibonacci level where there is also a confluence of previous resistance.
Pernyataan Penyangkalan

Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.