As clearly shown on the daily chart, price is gradually forming a bullish reversal chart pattern as price is yet to complete the formation of the double bottom chart pattern.
On the daily time frame, AUDUSD has been spotted forming a double bottom chart pattern. This double bottom has a rounded shape which is called EVE &EVE bottom. The EVE&EVE bottom has two rounded bottom, but can only be confirmed as a valid one only when price closes above the peak of both bottom. Two distinct valleys that look similar. Eve bottoms are wide and more rounded appearing. Spikes that appear tend to be numerous and short. Two distinct valleys that look similar. Eve bottoms are wide and more rounded appearing. Spikes that appear tend to be numerous and short. The double bottom confirms as a true double bottom once price closes above the peak between the two valleys.
This confirmation will help traders not to fall in a fake breakout.
Breakout levels: $0.68693
Resistance 1: $0.68945
Resistance 2: $0.69483
Resistance 3: $0.70022
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
On the daily time frame, AUDUSD has been spotted forming a double bottom chart pattern. This double bottom has a rounded shape which is called EVE &EVE bottom. The EVE&EVE bottom has two rounded bottom, but can only be confirmed as a valid one only when price closes above the peak of both bottom. Two distinct valleys that look similar. Eve bottoms are wide and more rounded appearing. Spikes that appear tend to be numerous and short. Two distinct valleys that look similar. Eve bottoms are wide and more rounded appearing. Spikes that appear tend to be numerous and short. The double bottom confirms as a true double bottom once price closes above the peak between the two valleys.
This confirmation will help traders not to fall in a fake breakout.
Breakout levels: $0.68693
Resistance 1: $0.68945
Resistance 2: $0.69483
Resistance 3: $0.70022
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.