On the AUD/CHF 4hr chart we have a potential long opportunity in the coming days at the D leg completion of the Bat Pattern.
The price reversal zone that is of interest is between 0.6581 & 0.6531.
The X leg of any pattern should usually be drawn from a historically respected support or resistance area.
On this occasion the X leg has been drawn from the AUD/CHF historic low at 0.6531, which also coincides with the bottom of the channel on the Monthly chart.
It is possible to get short at the break of the B leg support at 0.6754, but it is advised to await a D leg completion at 0.6581 before looking to take any action.
Potential targets for the Bat Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed below X leg structure support.
www.UKForexSignals.com
The price reversal zone that is of interest is between 0.6581 & 0.6531.
The X leg of any pattern should usually be drawn from a historically respected support or resistance area.
On this occasion the X leg has been drawn from the AUD/CHF historic low at 0.6531, which also coincides with the bottom of the channel on the Monthly chart.
It is possible to get short at the break of the B leg support at 0.6754, but it is advised to await a D leg completion at 0.6581 before looking to take any action.
Potential targets for the Bat Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed below X leg structure support.
www.UKForexSignals.com