AUS200: Seeking Basing Patterns Above 5400

The pullback has reached the initial support zone and now seekng bullish setups above current levels.

thinkforex AUS200

AUS200 Trading?

One to keep an eye on for next week. Since the previous post price has now retraced to the 5427 support zone. We can allow for a deeper retracement as we also have the 50 day MA and Monthly pivot below, but take note that we are just about holding above the 200 MA.

There is a slight reservation, in that if we close around current levels W1 will produce an Evening Star Reversal. However as long as we remain above the 5400-27 zone then this would highlight sideways trading, not a reversal.

The plan here is to seek signs of a basing pattern around current levels to see if we can hop on-board the anticipated bullish continuation and to retest the 5686 highs.

Let’s get started...

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