Hi Traders,
Taking a look at EURAUD, We can see that Price has started creating higher highs and Higher lows, Price, however, is currently ranging between 1.490 and 1.478, where we can see a potential double bottom Forming, The W will be valid if price manages to break through the current Resistance and close above it.
Once the price has closed above resistance we need to be patiently waiting for a retest of the newfound support. I will then be waiting for price to reject the level before considering any buying opportunities.
Remember it is always best to be reactive instead of predictive, Price does not have to do anything, we just trade what we see.
Renaldo Philander
Taking a look at EURAUD, We can see that Price has started creating higher highs and Higher lows, Price, however, is currently ranging between 1.490 and 1.478, where we can see a potential double bottom Forming, The W will be valid if price manages to break through the current Resistance and close above it.
Once the price has closed above resistance we need to be patiently waiting for a retest of the newfound support. I will then be waiting for price to reject the level before considering any buying opportunities.
Remember it is always best to be reactive instead of predictive, Price does not have to do anything, we just trade what we see.
Renaldo Philander
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.