The Currency Pair is forming an Ascending Triangle. Ascending Triangle can be a continuous as well as a reversal pattern depending on the breakout of the pattern.

In this scenario if the pair breakout on the downside it would be a continuous pattern and if the pattern breakout is on the upside it would be a reversal pattern.

If the breakout from the pattern from the starting point to cradle is not within 73% we will ignore the pattern.

The Failure rate on the downside is comparatively less compared to the upside. Throwback and Pullback are common in the pattern, it's better not to wait for the throwback and pullback once the breakout is seen, entry should be taken accordingly.

The Pair has closed above the EMA's indicating upside, If the pair sustains above the EMA's for a consecutive day we might expect the pair to rally higher. The Pair has recently closed above the ICHIMOKU CLOUD which suggests that the trend is in the positive direction. The RSI has followed the price is expected to follow, there is a breakout expected in RSI (marked as yellow on the RSI) if the breakout is seen on the RSI and at the same time we see a breakout on the upside on the pair we will be having a strong confirmation. The MACD crossover is seen and is expected to follow the move.

Everything for a time being is showing the breakout should be on the upside, we will wait for the breakout 

to happen once the breakout is seen on the upside we will enter nor we will wait for further confirmations.

Advice : Wait for the Breakout (Expectation of breakout Upside)

Ascending Triangle

Aug 29 2021

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