BabyPips.com FX-Men Team
BabyPips.com
AUD/USD: 4-hour
I know I’ve shown y’all this double bottom pattern on AUD/USD’s 4-hour forex chart before, but this is it fellas! The pair is currently testing the neckline of the chart formation near the .7300 major psychological mark and might be ready for an upside break. Stochastic is still heading higher while the moving averages are starting to make an upward crossover, hinting that the reversal is about to begin soon. The chart pattern is around 350-400 pips tall so the resulting uptrend might last by at least the same number of pips, possibly taking AUD/USD up to .7700. However, if the neckline still holds as resistance, the pair could make another bottom around the .6900 levels.
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