MII1502

Anticipated Break-Out and Retest Continuation Triple Bottom

Long
OANDA:AUDCAD   Australian Dollar/Canadian Dollar
After a temporary consolidation at support turned resistance zone, we saw a strong momentum to the downside creating a LOW on the 13th May, 2021. Then a correction 61%+ which created triple top pattern with a sell off creating a confirmed (SUPPORT) TREND-LINE on the 23rd May, 2021. With this confirmed trendline in view, we also confirmed a double bottom which later went BULLISH, fast forward to the last bottom which nearly hit the trendline ( But didnt touch), a BULLISH move occurred with the RESISTANCE ZONE been tested and a retest which has lasted for about 4-5 days, seeing this creating a channel up, I am anticipating a break above the and a retest back to the channel creating a support and then a BULLISH MOMENTUM to take a BUY ENTRY. Our target would be the resistance level.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.