AUD/USD Alt Bat Pattern & Possible Bullish Gartley Formation
Price closed below the point B level of the bearish Alt Bat
pattern this past week, which was also the 61.8% Fibo
retracement level of the previous bullish rally.
Nonetheless, there is still a slim chance that the AUD/USD
pair can remain bullish for the near term future; crucial
for this to occur is the 0.7637 level. If price bounces of
that level - which is also the 78.6% Fibo retracement level - then
the projected bullish Gartley Pattern could be realized.
Target is 0.8273 which is the measured objective of legs
X to A of the potential bullish Gartley Pattern.
The highlighted resistance level, which is formed precisely
at the intersection of the 17 year lower support trend line
and the 7 year upper resistance trend line, could be
broken as well and if price holds above there then obviously this
would initiate a long term bullish trend continuation.
If the 0.7637 level holds you could try longs targeting the
0.8273 level, however, as always I recommend scaling out
your profits along the way, but you could of course also
go all in.
Long trade (2:1 RvR ratio)
Entry: Close above 0.7637
S/L: 0.7319
T/P: 0.8273
Happy trading
Price closed below the point B level of the bearish Alt Bat
pattern this past week, which was also the 61.8% Fibo
retracement level of the previous bullish rally.
Nonetheless, there is still a slim chance that the AUD/USD
pair can remain bullish for the near term future; crucial
for this to occur is the 0.7637 level. If price bounces of
that level - which is also the 78.6% Fibo retracement level - then
the projected bullish Gartley Pattern could be realized.
Target is 0.8273 which is the measured objective of legs
X to A of the potential bullish Gartley Pattern.
The highlighted resistance level, which is formed precisely
at the intersection of the 17 year lower support trend line
and the 7 year upper resistance trend line, could be
broken as well and if price holds above there then obviously this
would initiate a long term bullish trend continuation.
If the 0.7637 level holds you could try longs targeting the
0.8273 level, however, as always I recommend scaling out
your profits along the way, but you could of course also
go all in.
Long trade (2:1 RvR ratio)
Entry: Close above 0.7637
S/L: 0.7319
T/P: 0.8273
Happy trading