Double Bottom at previous ResistanceHi traders, today in my morning analysis i've spot this opportunity in AUDJPY. My analysis starts from higher timeframe. In this case we are sitting in a previous 4HR resistance that could become support. The trend is our friend and we want to hop on that as soon as it gives us a reason for entry.
So here we have a double bottom in 1HR with an engulfing candle (marked with the arrow).
In addition, we are also near to an even handle number (79,00) that usually makes the markets react and we can see RSI divergence.
My levels are:
Entry: 79.09s
Stop loss: 78,69s
Target1: 79,48s
Target2: to be evaluated
Hope you understand my reasons, for any question don't hesitate to ask.
See you soon!
