AUSSIE to the upside after breaking major descending trendline?
After almost 30 consecutive days of downside movement materialized by a descending trend line, the pair broke the major trend line.
On the H4, the breakout followed a phase of stabilization with the pair unable to create a lower low under the 0.68650 zone. During the stabilization phase, a bullish divergence was formed on the RSI 14 indicating a change in trend.
I expect to see the Aussie dollar reach 0.70000 level in the next trading sessions but will favor a retracement to 0.69050-0.69100 before entering a buy order.
Safe trading!
On the H4, the breakout followed a phase of stabilization with the pair unable to create a lower low under the 0.68650 zone. During the stabilization phase, a bullish divergence was formed on the RSI 14 indicating a change in trend.
I expect to see the Aussie dollar reach 0.70000 level in the next trading sessions but will favor a retracement to 0.69050-0.69100 before entering a buy order.
Safe trading!