On a monthly timeframe
, a double bottom
has presented itself. An inverse Head & Shoulders
seems to have formed at the second bottom of that DB
which is evident on a Daily timeframe
. Price had also reached a critical support zone
which it broke in the previous week however we may see a retracement right back above it (which would look like fake out on a Weekly timeframe
). Even as we zoom into the H4 timeframe, an inverse H&S
has formed again and there has been a completion of a butterfly pattern
- which all points to the chances of the pair moving up.
So I am looking at possible long opportunities for this pair as the Aussie dollar may gain strength this week. I'd look for a break and retest of the critical zone before entering.
NOTE: Analysis has been done in line with other factors, not just those mentioned above. This is NOT a signal.