HomeContributorsTechnical AnalysisAUD/USD Bullish W Pattern Breakout

AUD/USD Bullish W Pattern Breakout

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.

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

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)

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