AUD/USD Megaphone Pattern in Uptrend

Maj 28, 2018 12:27

Source: Admiral Markets MT5 with MT5SE Add-on

The AUD/USD has been in an uptrend but during the latest consolidation it has formed a megaphone pattern variant. The broadening top or megaphone is a pattern that shows both higher highs and lower lows In this case we can see a triple bottom and higher highs, where the next high could possibly used for short selling. POC(S) 0.7590-0.7600 is the zone for selling while POC(B) 0.7530-40 is the zone for buying. Any break of the 0.7530 to the downside will make this pattern even stronger and harder to trade.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

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)

Best wishes,

Nenad

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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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