AUD/USD: 1-hour

AUD/USD: 1-hour


I spy with my shaded eyes a double breakout in the making! AUD/USD bulls are holding the .7000 psychological handle pretty well, as the pair has bounced from the area at least twice now. Will it lead to a double bottom breakout? Stochastic is currently in the bulls’ favor while the Aussie heads to the pattern’s neckline at around .7075. If you’ve read about double bottoms on the School of Pipsology, then you’ll know that the extend of the breakout is likely as tall as the distance from the “bottoms” to its neckline. This could give you at least a 70-pip move if price does break higher. Watch this setup closely, aight? You wouldn’t want to get caught up in a fakeout!

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