AUDUSD: A Double Bottom May be Formed
# An up trending trend line is in play
# Price may produce a Double Bottom at 0.66350
# Next resistance may come at 0.68000
AUDUSD had a bearish correction. The level of 0.66350 held the price as a level of support. The price after having a bounce has been heading towards the support again. If the level produces a bullish reversal candle followed by a breakout at 0.67250, it would be considered as a Double Bottom. A Double Bottom is a strong bullish reversal pattern. Thus, it may attract the buyers to go long and push the price towards the North with good momentum. The H4 chart also shows that the price has been obeying an up trending trend line. As long as the price stays above the trend line, the bull may dominate in the pair. The pair may find its next resistance around 0.68000.
On the other hand, the sellers may wait for the price to breach the trend line. Upon having breakout confirmation followed by a bearish reversal pattern at the breakout, level may change the direction of the pair.
# Price may produce a Double Bottom at 0.66350
# Next resistance may come at 0.68000
AUDUSD had a bearish correction. The level of 0.66350 held the price as a level of support. The price after having a bounce has been heading towards the support again. If the level produces a bullish reversal candle followed by a breakout at 0.67250, it would be considered as a Double Bottom. A Double Bottom is a strong bullish reversal pattern. Thus, it may attract the buyers to go long and push the price towards the North with good momentum. The H4 chart also shows that the price has been obeying an up trending trend line. As long as the price stays above the trend line, the bull may dominate in the pair. The pair may find its next resistance around 0.68000.
On the other hand, the sellers may wait for the price to breach the trend line. Upon having breakout confirmation followed by a bearish reversal pattern at the breakout, level may change the direction of the pair.