Bearish Harmonic Pattern - Pullback before continuation
Last week $AUDCHF completed a bearish Gartley pattern near 0.735.
Despite a spike higher, the pattern wasn't violated and an Outside Bar added to the potential reversal patterns shown in this daily chart.
The price closed below its daily downtrend line.
0.75 is the nearest daily resistance zone
0.725 is the nearest daily support zone
0.7 is a weekly support zone
Bearish scenario - Short as long as $EURAUD remains below 0.75 (latest spike). Wait for a bullish pullback to re-test broken trend line near 0.75.
Bullish scenarios - 0.725 (weak) and 0.71 (strong) are two potential buy zones.
Tomer, The MarketZone
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Despite a spike higher, the pattern wasn't violated and an Outside Bar added to the potential reversal patterns shown in this daily chart.
The price closed below its daily downtrend line.
0.75 is the nearest daily resistance zone
0.725 is the nearest daily support zone
0.7 is a weekly support zone
Bearish scenario - Short as long as $EURAUD remains below 0.75 (latest spike). Wait for a bullish pullback to re-test broken trend line near 0.75.
Bullish scenarios - 0.725 (weak) and 0.71 (strong) are two potential buy zones.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week goo.gl/c8og8B
To subscribe to the newsletters - goo.gl/HXjCPV
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT