When we look around the world, it often feels like the sky is falling if you tune into financial media. Well here, we look at the charts and see if we can find trends. We have a new breakout in an important commodity economy. Australia! Let’s have a look at the chart.
So here we have Australia going nowhere since June. Tons of failed breakouts with the wicks not being able to stay above 6130. We finally get the breakout with follow through as well. Not only do we have the breakout in price, we also have a breakout in RSI terms. This is bullish. Right now we are looking for stuff to buy. We have made that clear. Now we can add Australia to the list of markets that are breaking out.
Happy Trading!
So here we have Australia going nowhere since June. Tons of failed breakouts with the wicks not being able to stay above 6130. We finally get the breakout with follow through as well. Not only do we have the breakout in price, we also have a breakout in RSI terms. This is bullish. Right now we are looking for stuff to buy. We have made that clear. Now we can add Australia to the list of markets that are breaking out.
Happy Trading!