Bulls have the Bears by the "Neck" - AU

16 set

Here I have AUD/USD on the 4Hr Chart!

Price is now using the "Neckline" or Support of the failed Head & Shoulders the Bears were unable to finish, and pushing Higher breaking through the Falling Resistance created by the Highs of the "Head" and "Right Shoulder".

Now I believe with an on-going Rate Cut cycle about to begin for the Federal Reserve, we will start to see the Bulls undo the previous Head & Shoulders Pattern one Swing High at a time!

If Price will need to find some Support before it begins to continue further Higher, this Support can be found at either:
- The High just before the Break @ .6732
or
- Retesting the Break of Falling Resistance + FVG @ ( .6720 - .6715 )

Indicators:
- RSI Above 50
- BBTrend printing Green Bars
- Volume Delta showing Bullish presence increasing

*TP1 - .67672
*TP2 - .68236

16 set

Nota

Price has now given a Bearish Divergence pointing to Price needing to come down for Support!

16 set

Nota

Empire State Manufacturing Index Results!

11.5 Actual v. -4.1 Forecast / -4.7 Previous

We can see this brings Bullish sentiment into the DXY pushing off this Falling Support! Looking for Bears to step in at Resistance!

16 set

Trade attivo

Price came down to the Previous High @ .6733!

Buy Entry @ .6733
SL @ .6700

17 set

Trade chiuso: obiettivo raggiunto

Closed positions @ .6765

18 set

Trade attivo

Price has come down to the Break of Structure @ .67672!

Buy Entry @ .6767
SL @ .6745
TP @ Swing High (.68236)

19 set

Trade chiuso: stop raggiunto

Price JUST missed the Swing High and came falling down and hit the Stop Loss!