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October 08, 2021

AUDUSD met Support

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After a twenty days downward trend, the price met the support at the end of September. Although this was a significant and solid downward movement that seemed long-lasting, the price stopped going down. In this situation, the upward movement may look like a retracement; however, the pattern of waves shows another story. 

 

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As can be seen, the price has been making waves after meeting the support; these waves' range has been shrinking. Finally, we can see that the price has made an ascending triangle. From the four-hour chart, we can see that the ascending triangle is almost done. The ascending triangle is always considered a bullish signal. Recently, the Bollinger Bands shrunk, which is a breakout signal. We can also see the Ichimoku cloud is moving below the price line. Another thing is that the MACD just made a bullish cross. So we already have bullish signals here. Let's expect a breakup.

 

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