ASX 200 - Potential Breakout Formation | Mar 16

asx 200 breakout formation 2ndskiesforex

My Current Active Open Positions: AUDUSD, AUDNZD, USDRUB, XAUTHB

ASX 200 – Potential Breakout Formation (daily chart)
For the 3rd time this year, the ASX 200 is approaching a key resistance level around 5825, which it hasn’t cleared on a daily closing basis for almost 2 years.

The current price action structure is building into a potential breakout formation with each pullback getting shorter, communicating the bulls are taking over.

If this formation plays out, and we get a daily close above 5825, then I’ll be looking to get long for an RRL setup. Upside there is a long term target around 6000 which is a multi-year high.

Meanwhile if the bears manage to push back against the bulls successfully, …

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