AUDCAD | Valid Double Bottom & Neckline Retest!
Hi,
AUDCAD has made a breakout from the chart pattern and it has managed to break above the down-trendline (pulled from 17. April)
Usually, we have to talk about possible patterns. Now, we have a valid pattern and the marked area is the retest area.
Bullish chart pattern called "Double Bottom":
The pattern is valid because the price is above the neckline. The neckline is the light blue horizontal line, which worked as resistance. Now, the current price action indicates that it can be a classical retest situation.
The green support/reversal box consists:
1. The blue trendline should act as a support, a classical retest situation.
2. The light blue horizontal line (Double bottom neckline) should act as a support, a classical retest situation.
3. EMA 50, 100 & 200 are inside the marked area.
4. EMA golden crosses.
5. Fibonacci retracement 38%
6.* Wait for a bullish candlestick pattern inside the marked green area!!
The information provided is not financial advice, it is a pure technical price zone and it doesn't include fundamental analysis. Always do your own research!
Regards,
Vaido
AUDCAD has made a breakout from the chart pattern and it has managed to break above the down-trendline (pulled from 17. April)
Usually, we have to talk about possible patterns. Now, we have a valid pattern and the marked area is the retest area.
Bullish chart pattern called "Double Bottom":
The green support/reversal box consists:
1. The blue trendline should act as a support, a classical retest situation.
2. The light blue horizontal line (Double bottom neckline) should act as a support, a classical retest situation.
3. EMA 50, 100 & 200 are inside the marked area.
4. EMA golden crosses.
5. Fibonacci retracement 38%
6.* Wait for a bullish candlestick pattern inside the marked green area!!
The information provided is not financial advice, it is a pure technical price zone and it doesn't include fundamental analysis. Always do your own research!
Regards,
Vaido
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