AUD/USD Megaphone Pattern in Uptrend

May 28, 2018 11:27

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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