POTENTIAL SHORT OPPORTUNITY ON AUDNZD
This one does not require much explanation. I'm looking a Bearish Bat Pattern on the 4H (240 M) chart of
AUDNZD
completing at a previous level of structure.
I've started placing dashed lines at the highs (or lows depending on the pattern bias) of the B point as an indication of resistance (or support). A break and close above (or below) the dashed line provides me with added confirmation/confidence that the pattern is likely to complete. Until then, the pattern remains a potential pattern.
Initial targets will be at the 38.2% retracement of A-D (Swing low to swing high-This will need to be adjusted as we get actual levels for the D swing high).
Secondary/Extended targets will be at the 61.8% retracement of the same.
AUD Interest rate decision is due to be released today at 05:30 am G.M.T (That's in 1 hour).
It is worth noting that this pair has begun the bearish descent towards measured targets for a 1D Head and Shoulders. As such, this pattern could POTENTIALLY provide the necessary catalyst for continued downside to measured targets at about the 1.0390s level.
AUDNZD
completing at a previous level of structure. I've started placing dashed lines at the highs (or lows depending on the pattern bias) of the B point as an indication of resistance (or support). A break and close above (or below) the dashed line provides me with added confirmation/confidence that the pattern is likely to complete. Until then, the pattern remains a potential pattern.
Initial targets will be at the 38.2% retracement of A-D (Swing low to swing high-This will need to be adjusted as we get actual levels for the D swing high).
Secondary/Extended targets will be at the 61.8% retracement of the same.
AUD Interest rate decision is due to be released today at 05:30 am G.M.T (That's in 1 hour).
It is worth noting that this pair has begun the bearish descent towards measured targets for a 1D Head and Shoulders. As such, this pattern could POTENTIALLY provide the necessary catalyst for continued downside to measured targets at about the 1.0390s level.
Price action came close to retesting our confirmation level but alas we just couldn't get it.
I was waiting to confirm if this was just a change in the pattern but at this point, I will have to invalidate all predictions and anticipations and go back to the drawing board. That's just the way trading goes.
AFTER SHOWING SYMPTOMS AND UPON FURTHER INVESTIGATION OF THESE SYMPTOMS, TURNS OUT THE PATIENT ONLY HAD A MILD COUGH. SENT HOME WITH A PRESCRIPTION OF ANTIHISTAMINES... BACK TO THE DRAWING BOARD!