#AUDUSD @ 0.65790 ´s H1 M-formation, a reversion pattern, holds 0.6600 as a target for the open.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- AUD/USD´s H1 M-formation, a reversion pattern, holds 0.6600 as a target for the open.
- AUD/USD bears need to get below a consolidative pattern and support near 0.6570.
As per the prior analysis and before the Nonfarm Payrolls event on Friday that sent the US Dollar substantially lower, AUD-USD remains in the realms of a geometrical bearish formation:
It was stated that the price was carving out a geometrical box, an ascending triangle, in a downtrend which is considered a bearish chart pattern.
´´Two-way price action can be expected from here with a bearish bias while on the front-side of the bear trend and below the 200 DMA,´´ the analysis stated with 0.6520 being key in this regard as it guarded a move towards 0.6380.
The triangle formation has morphed into a sideways consolidation. Of note, an M-formation has formed on this hourly chart:
The M-formation is a reversion pattern and the price can be pulled into the neckline for a restest which is yet to play out, so far. However, it is worth noting for the open this week with 0.6600 being a key level in this regard.
[/s2If]
Join Our Telegram Group
