On the 4H chart for the AUDUSD we are getting a symetrical triangle
Since the end of October we can observe a well defined Bullish market structure ( orange line ) which indicate an up trend. After the price created the last major high point, now it corrected down to the previous major high where it's hitting the support range created from it.
For higher success ratio, you are looking for a breakout to the up side from the chart pattern as it will align with the general trend
Additional factors to take in consideration:
- The low points of the symmetrical triangle pattern have bounced up from the 0.618 Fib and the 200 SMA
- MACD produced a Bullish cross. If the price breaks up from the chart pattern, monitor for a MACD continuation
- If the price breaks out to the up side from this pattern, monitor for a close above the 50 SMA and the 0.382 Fib
Since the end of October we can observe a well defined Bullish market structure ( orange line ) which indicate an up trend. After the price created the last major high point, now it corrected down to the previous major high where it's hitting the support range created from it.
For higher success ratio, you are looking for a breakout to the up side from the chart pattern as it will align with the general trend
Additional factors to take in consideration:
- The low points of the symmetrical triangle pattern have bounced up from the 0.618 Fib and the 200 SMA
- MACD produced a Bullish cross. If the price breaks up from the chart pattern, monitor for a MACD continuation
- If the price breaks out to the up side from this pattern, monitor for a close above the 50 SMA and the 0.382 Fib