Good morning traders. It is Saturday 22/10 11:03 AM (AEST). Just taking a quick look over what has transpired over the European and American sessions last night.
We saw the completion of our triangle pattern which has now witnessed the break out to the upside as we had discussed in the previous post.
Zooming out onto the daily chart, we can also see a strong bullish candle close above the downward channel of the AUD/USD and the 100 day MA.
Going into the new week, with the EU summit clearly still in focus, we will watch for a retest of former resistance levels in the 1.0265/75 area. If we get a bullish price action signal, then we will look at taking a long position and see how far this 5th wave leg can take us.
However, note heavy resistance zone in the 1.0390/1.0435 area which is also where the 200 day MA is closely guarding.
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