Bullish AUDUSD - 08 May 2023 - Technical Analysis

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 0.67384 will support the rise towards the target of 0.67880 the break of 0.67880 would push the price to 0.68211.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 0.65446
Support S1: 0.65343, S2: 0.65236 , S3: 0.65133
Resistance R1: 0.65553 , R2: 0.65656 , R3: 0.65763

Summary

Instrument :

AUDUSD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

68%

Entry Level :

0.67384

Activation Time :

2023-05-05 05:00

Age :

439 Bars

Progress :

100%

Close Time :

2023-05-08 05:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

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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.