Hey guys! just a quick one i thought id throw up, I havent had to re-analyse this pair for over a month now as you can see from my previous post on this where i actually lost that trade and got caught out by that false channel breakout half way through March...
Anyway after the Aussie Dollar tumbled today i think that'll be the start of whats to come for the next few weeks at least!
So it looks like todays candle will close as a nice Bullish Engulfing Candle which i believe will kick start the momentum for this pair to put in a new Higher High and we have a nice target at the 27 Fib extension as it lines up with previous resistance plus the top of the Channel!
Note - Be aware of the 2.0000 even handle i suspect we will see strong resistance here as well so you may wish to reduce some of your position once it reaches that and take the rest up to the 2.04000 area
Tip; I'll be looking for my entry on a break of that Counter TrendLine once it takes out that last mini Lower Low
Anyway after the Aussie Dollar tumbled today i think that'll be the start of whats to come for the next few weeks at least!
So it looks like todays candle will close as a nice Bullish Engulfing Candle which i believe will kick start the momentum for this pair to put in a new Higher High and we have a nice target at the 27 Fib extension as it lines up with previous resistance plus the top of the Channel!
Note - Be aware of the 2.0000 even handle i suspect we will see strong resistance here as well so you may wish to reduce some of your position once it reaches that and take the rest up to the 2.04000 area
Tip; I'll be looking for my entry on a break of that Counter TrendLine once it takes out that last mini Lower Low