UPDATE #2: In my last post on this pair (see Related Ideas: "UPDATE #1: AUDUSD: Is it time to BUY? says NO! Part II"), I posted a that pretty much would be complete right where a DAILY pattern would also complete. At that time, prices were near the top of the descending flag channel. Descending flags at the end of a down trend are normally a . So with the now being completed as well as the pattern, it may be safe to say that the descending flag may also be complete and now signaling a move up.
patterns tend to complete with a very strong move right into the D point and many times will test the PRZ. In this case, prices did drop explosively right into the D point and just a few ticks past it. Typical of completions.
The profit targets for the are on the chart as well as the PRZ. Where you decide to put your S/L is up to you. My S/L reflects my trading plan that all positions must have at least a 2:1 risk:reward.
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