AUD/USD: 4-hour
Think AUD/USD is about to reverse? I just saw a double bottom chart pattern forming on its 4-hour forex chart, which might be a sign that the recent selloff is almost over. Price has yet to break past the neckline of the reversal pattern around the .8800 major psychological resistance before confirming the potential climb. With stochastic making its way down from the overbought zone, Aussie bears might be revving up for another move lower. If bulls take control of price action though, a strong break past .8800 could lead to gains of as much as 250 pips, which is the same height as the chart formation.
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