USD Waving The Flag in AU?!
Here I have AUD/USD on the 1 Hr Chart!
Tonight, we have seen Price make a drastic turn to the Upside back into this Descending Channel it was traveling in last week!
With this False Break of the Falling Support, could we see the appearance of a BULL FLAG?!?!
Now with a Bull Flag, we expect valid tests of both the Falling Resistance and Falling Support!!
So far, we've had 2 tests and a False Break of the Support but we are missing a 3rd test of the Falling Resistance!
With Price using this Local Support level, I believe we could see that 3rd test of the Resistance!!
Now with NZD Low Inflation Expectation Results tonight, we're seeing some strength being put into AUD!!
Fundamentally for the rest of the week:
AUD-
Wage Price Index (Tue) Employment Change, Unemployment Rate (Wed)
USD-
PPI, Powell Speaks (Tue) CPI, Retail Sales, Empire State Manufacturing Index (Wed) Unemployment Claims (Thur)
Tonight, we have seen Price make a drastic turn to the Upside back into this Descending Channel it was traveling in last week!
With this False Break of the Falling Support, could we see the appearance of a BULL FLAG?!?!
Now with a Bull Flag, we expect valid tests of both the Falling Resistance and Falling Support!!
So far, we've had 2 tests and a False Break of the Support but we are missing a 3rd test of the Falling Resistance!
With Price using this Local Support level, I believe we could see that 3rd test of the Resistance!!
Now with NZD Low Inflation Expectation Results tonight, we're seeing some strength being put into AUD!!
Fundamentally for the rest of the week:
AUD-
Wage Price Index (Tue) Employment Change, Unemployment Rate (Wed)
USD-
PPI, Powell Speaks (Tue) CPI, Retail Sales, Empire State Manufacturing Index (Wed) Unemployment Claims (Thur)
Trade active:
On the Re-Entry of the Channel after NZD news, I entered a Buy Entry based on the expectation that the False Break is the 3rd Test of the Support, with price now on its way to VALIDATE the FLAG PATTERN
Buy Entry @ .9592
SL @ .9565
Buy Entry @ .9592
SL @ .9565
Comment:
Price has pushed way up this am!!
Giving us a strong Bullish Break of the Descending Channel bringing our CONFIRMATION of the Bull Flag that much closer!
Now we must WATCH for:
1) False Break
2) Valid Retest of Break
Giving us a strong Bullish Break of the Descending Channel bringing our CONFIRMATION of the Bull Flag that much closer!
Now we must WATCH for:
1) False Break
2) Valid Retest of Break
Comment:
Comment:
If Price is strong enough, it could break through the Resistance Zone it's found and retest there!
If Price is strong enough, it could break through the Resistance Zone it's found and retest there!
Trade active:
Took Buy Entry @ .6606
SL @ .6602
SL @ .6602
Comment:
Moving Second Position SL to .6595
Comment:
We need to continue to see Bullish Pressure pushing price back out of the channel!!
Buy Entry @.6592
SL @ .6565