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.

AUD/USD Bullish W Pattern Breakout

  • 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)

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.