By Admiral Markets
The AUD/USD has formed a bullish W pattern, and we could see rejections from POC and POC2. At this point, the price is struggling to break daily H5 but is still above W L3 pivot. Traders should pay attention to bounces from 0.7860-68 (POC1) or 0.7840-53 (POC2) if the price retraces further. Target is 0.7920. A 4h close above 0.7820 should target 0.7982. Bears should be in control only below the X-Cross of the green trend line and W L3 – 0.7800.
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Source: Admiral Markets MT5 with MT5 Supreme Edition Add-on
W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
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W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: AUD/USD Bullish W Pattern Breakout
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
