There is slightly irregular three soldiers formation on hourly chart. Weekly chart is revealing price range between the Aussie it trading for the last year( Range between 7170 and 7710)
Bottom line was tested twice while the upper part was tested multiple times. It is clear that every time price reached bottom part of it and than moved very quickly towards north. This price action suggest that buyers are in strong position here. Aussie found strong support in 7500 area. There are two outcomes I can see here :
1. The support at 7500 will stop losses and price will move towards 7640
2. The price will go thru this area with nice bearish candle and will go to test 7200 area for third time
Bottom line was tested twice while the upper part was tested multiple times. It is clear that every time price reached bottom part of it and than moved very quickly towards north. This price action suggest that buyers are in strong position here. Aussie found strong support in 7500 area. There are two outcomes I can see here :
1. The support at 7500 will stop losses and price will move towards 7640
2. The price will go thru this area with nice bearish candle and will go to test 7200 area for third time
