AUDUSD Symmetrical Triangle
The AUDUSD is in a multi-year Symmetrical Triangle, which commenced in October 22.
Wave - There have been two waves up and two waves down. Both waves down have been 886 Fibonacci retracements. In mid- July 2024 a false break took place and price has re-entered this consolidation.
Volatility - The selling pressure has been intense, with price free falling in the last 2 weeks. It was a sustained move, rather than volatile, as the Daily ATR was only 40 pips (in high volatility it can be 120).
Momentum - This is further evidenced by the rapid decline of the RSI from OB to OS.
Candlesticks - The last candle on Friday was an inverted hammer. The buyers have returned after 9 straight days of printing lower highs and lower lows. It's whether the buyers step in early next week and put a holt to this downturn ( Bullish Engulfing Candle) or not ( Bearish Candle or Doji) .
For this pattern to hold, price needs to move again with an 886 correction to the supporting
trendline at .6415.
Wave - There have been two waves up and two waves down. Both waves down have been 886 Fibonacci retracements. In mid- July 2024 a false break took place and price has re-entered this consolidation.
Volatility - The selling pressure has been intense, with price free falling in the last 2 weeks. It was a sustained move, rather than volatile, as the Daily ATR was only 40 pips (in high volatility it can be 120).
Momentum - This is further evidenced by the rapid decline of the RSI from OB to OS.
Candlesticks - The last candle on Friday was an inverted hammer. The buyers have returned after 9 straight days of printing lower highs and lower lows. It's whether the buyers step in early next week and put a holt to this downturn ( Bullish Engulfing Candle) or not ( Bearish Candle or Doji) .
For this pattern to hold, price needs to move again with an 886 correction to the supporting
trendline at .6415.
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