GBP/AUD – Fractal Bottoms Analogy

by Admin

Awards 2013

GBP/AUD 4H chart 4/12/2013 8:45AM EDT

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4H Bottom: The 4H chart shows a that bottom has formed with price action testing and so far respecting the bottom’s central pivot area. The 4H RSI also tagged 70 and appears to be holding above 40. If it pushes above 60, it would reflect bullish continuation momentum. Price at that point should probably also clear above commons resistance around 1.4630.

1H Bottom: When you switch to the 1H chart, you see that there is also a bottom attempt (double bottom). This one does not have the bullish momentum the 4H chart showed, but has a similar test of the double bottom which so far showed respect. A push of the RSI back to 70 should reflect bullish momentum starting. This should also accompany a rally above 1.4630 and confirm bottoming price action in both the 4H and 1H charts.

GBP/AUD 1H chart 4/12/2013 8:47AM EDT

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