H4 Harmonic bat pattern at 0.7752 eyed...

24 Okt 2017

The Aussie dollar sustained further losses on Tuesday, enabling the H4 candles to conquer the 0.78 handle in aggressive fashion. With 0.78 now potentially out of the picture, the commodity currency will likely be heading down to the green H4 area marked at 0.7740/0.7752. Comprised of a daily broken Quasimodo line at 0.7740 and a H4 Harmonic bat completion point (or potential reversal zone) sited just above at 0.7752, this zone resembles a high-probability buy, in our humble view. It might also be worth noting that the daily level is seen positioned a few pips beneath a major weekly support area drawn from 0.7849-0.7752.

Suggestions: Long from the H4 green zone, with stops planted below the H4 Harmonic pattern’s X point (0.7733).

As H4 price has yet to complete its approach, it’s a little too early to forecast take-profit targets.

Data points to consider: AUD inflation figures q/q at 1.30am; US Core durable goods orders m/m at 1.30pm; US New home sales at 3pm GMT+1.

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25 Okt 2017

Nota

Would be very careful here, traders. Aus news just placed price beneath the buy zone!