The Australian Dollar vs the New Zealand Dollar (AUDNZD) pair on the weekly chart, we have a complete formation of a double bottom. The pattern broke out 9 weeks ago and has since retested the neckline upon which it was supported. We can base our bullish bias on this event.
As price action traders, we stay vigilant and wait to see whether the bulls have the intention of pushing price higher up possibly towards our major resistance. Such intentions would be depicted by candlesticks closing above the previous weeks’ candles.
Shifting our attention to the daily chart of Gold vs the Us dollar (XAUUSD). We can see that price has been on a steep uptrend. Bulls have been persistently pushing price up since August last year. In the past 4 months, price has formed a descending triangle, that broke out below last week.
A breakout below the descending triangle is a potential bearish signal. However, price action confirmation is key before opening up any positions. Price may pull back to test the previous support level of the pattern as resistance before resuming its way further below.
Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.