AUD/USD - Breaks Descending Channel, Upside Ahead?
OUTLOOK: WEEKLY CHART
AUD/USD broke through the weekly trendline (resistance level) yesterday (daily chart) after seeing the Aussie trapped for over 15+ weeks inside of its descending channel.
Forming on the weekly chart is a three inside up candlestick pattern (highlighted blue box) which if it closes above 0.71700 this week, will prove an ideal LONG entry signal for next week's market open.
NOTE: Should this week close above key daily resistance turned support level around 0.71708, expect the pattern in play.
CONCLUSION: NEUTRAL - PENDING WEEKLY CLOSE.
AUD/USD broke through the weekly trendline (resistance level) yesterday (daily chart) after seeing the Aussie trapped for over 15+ weeks inside of its descending channel.
Forming on the weekly chart is a three inside up candlestick pattern (highlighted blue box) which if it closes above 0.71700 this week, will prove an ideal LONG entry signal for next week's market open.
NOTE: Should this week close above key daily resistance turned support level around 0.71708, expect the pattern in play.
CONCLUSION: NEUTRAL - PENDING WEEKLY CLOSE.
