Bullish AUDUSD - 29 December 2022

EURUSD Forex

AUDUSD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports AUDUSD Bullish bias. A break of 0.67900 will support the rise towards the target of 0.68500 the break of 0.68500 would push the price to 0.68900.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 0.6537
Support S1: 0.6533, S2: 0.653 , S3: 0.6526
Resistance R1: 0.654 , R2: 0.6544 , R3: 0.6547

Summary

Instrument :

AUDUSD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

68%

Entry Level :

0.67900

Activation Time :

2022-12-28 14:00

Age :

404 Bars

Progress :

20%

Close Time :

2022-12-29 06:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.