FOREX technical analysis: Price formation "reversal triangle' for long positions AUDUSD

31.08.2017 / 11:24

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AUDUSD

Our expectations: The price is formin reversal triangle on 50% retracment from long impulse at 8.15.2017 from 0.78082 , we have also break out of diagonal resistance from the high at 0.80655 from date 27.07.2017 ,which is now support and give great opportunity to adjust fresh long positions with SL 0.78409 (below 200 ЕМА).For support of bullish scenario on D1 chart we have support from 21 DMA, which is main support zone.On lower chart H1 the price has been formed- "fibo price pattern SHARK" which add more power for the bullish scenario.

Alternative:If the price break trough and close below 0.78648 bears could have more advantage and could see trend reversal signs. Let don`t forget that we are in the week of NFP (1.8.2017 - 15:30) , and we saw better ADP yestarday.

Trader: Velizar Mitov

Varchev Traders

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FOREX technical analysis: Price formation "reversal triangle' for long positions AUDUSD

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