Double bottom on AUDUSD

11:54 AM 11 March 2021

Double bottom formation has surfaced on the AUDUSD chart recently and has triggered an over 150 pips upward correction. Looking at the H4 interval, we can see that the upward move reached the key resistance marked with the upper limit of 1:1 structure and the 38.2% Fibonacci retracement of a recent downward impulse. Should buyers manage to break above this hurdle, the upward move may be set to continue. On the other hand, pulling back the aforementioned resistance could lead to a resumption of a downward move.

AUDUSD H4 interval. Source: xStation5

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