AUDSGD prints a high probability reversal pattern with a combination of multiple bullish features including 1) confluence of trend lines on weekly 2) W-shaped double bottom on daily chart 3) bullish expansion terminated previous week-week trend.
A look at simple price action indication of change of trend: price expansion. A bearish price expansion terminates an uptrend sequence of higher highs, higher lows while a bullish price action does the opposite. Making a trade entry after such a signal ensures that we got the trend and timing correct.
5 features in this chart define SiMSCI trend and risk-reward proposition for traders: 1) rising equidistant channel since late-2016 2) steep trend line from September 2017 3) February high 4) major 2015-top at 399 and lastly 5) rising month-month price action.
USDCAD offers 5 price elements that strongly agree with each other. Combined, they offer a compelling high probability trade setup waiting for confirmation.
Based on 5 simple technical analysis concepts, these two DXY weekly charts from mid-2014 to present show a Dollar Index that terminated previous uptrend.