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
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.