RE-VISITING THE AUSSIE-DOLLAR

Tendency: Uptrend (Bullish)
Structure: Support & Resistance| Symmetrical Triangle | Breakout
Observation: i. Two converging equal trend lines connecting a series of sequential peaks and troughs.
ii. Price action consolidating with tendencies of breaking out at either side inciting the direction of the market.
iii. Probability of price action breaking out at the top is high due to
a. Resistance (indicated on chart with blue line) is been broken 3 times,
b. rejection of trendline within the triangle,
c. Price finds it difficult to break DEMAND zone since August 2019 after a long bearish move to this zone, indicating a strong support line.
d. The new formation of an ascending channel can not be ignored.

Trading plan: BUY now or at the completion of correction with TP1, TP2, TP3 and TP4 @ 460pips and SL @ 0.66500/0.66000 zone.
Risk/Reward: 1/3.2
Potential Duration: 10 to 30 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates/follow-up on lower time frames as price action is been monitored.


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