AUD/USD with Ascending Triangle [QUICK UPDATES]

29 may 2020Hey all, here’s another entry on my tradingview series called 'Quick Updates'.

On AUD/USD here we can see a nice ascending triangle. This is a bullish pattern, where we expect the price to break through the upper resistance line eventually. Every time the price has hit this area the price has bounced back, but each time slightly less. This means two things: 1) with each subsequent attempt to break through the resistance, the resistance becomes weaker, and 2) the bears are becoming weaker as their momentum is decreasing after each bounce.

I expect that at some point the price will break through the triangle and we see a very bullish break-out. We can monetize such a scenario with a simple long trade. All the numbers for the trade are in the chart.

--- What is The Quick Update Series All About? ---
I have started a tag (quickupdates) where I quickly share great opportunities based on TA for shorter timeframes, such as 4h, 1h, and 15m. It will contain a brief explanation with clear and clean charts in order to keep the velocity up and make sure you get to see the opportunities as fast as possible.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!