Aussie gaining strength

FX:AUDUSD   Australian Dollar / U.S. Dollar
The Aussie is gaining some strength at the moment rallying to the upside hastily causing a bullish engulfing candle last month. The monthly time-frame has formed an ‘ascending triangle’ pattern after a strong bearish move. This is telling us to wait until price breaks through the top of this triangle. We also have a strong resistance zone better seen on the weekly time-frame. Price has used this zone multiple times since January 2016 so if we see a break, we know we could see a strong rally to the upside. Moving to the 4-hour time-frame, we have some barriers to break.

I believe we can enter a LONG position to the dedicated support however we do not feel like it will be a straight ride as there could be retracements.


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