Oztrade
Short

AUDUSD - BEARISH BAT GARTLEY - 240M ADVANCED PATTERNS

FX:AUDUSD   Australian Dollar/U.S. Dollar
Hi All, see analysis for 2 potential patterns.

We have a Bearish Bat and a Bearish Gartley Pattern.

The X leg for Gartley is Resistance in LTF

I have marked Entries Stops and Targets, with your stop placement for the Gartley would be whatever you choose whether it is ATR FIB or Pip based - above the X but I would be concerned about the X leg for the Bat being the next main level.

If we get a close above the 78.6 Then we should continue upwards for the Bat

You may even rest order at the 127.2% for Gartley as we have hit the 78.6%

Hope this helps and happy trading.
We have had a break and close above previous resistance so I wouldn't be surprised if we head upwards to test the next 2 minor resistance levels and hopefully we can bounce back off these - after these if we break through the last level of resistance will be the Major Resistance Level at 0.72058's - also there is a Cypher Pattern here which I forgot to post in with these 2 patterns - good signs that we have these 3 patterns means that we should see some sell off helping us with our case. Price is now retracing back and we will see if previous resistance becomes support which will mean price will continue higher - good luck if your in this trade
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