RobertasBandza
Long

AUD/USD counter trend trade

FX:AUDUSD   Australian Dollar / U.S. Dollar
283 1 4
When stars align you get something like this. In small zone (yellow rectangle ) ends ABCD harmonic pattern, 161.8% Fibonacci extension level, at 2009.01 there was highest high which now works as support level , also RSI is showing divergence.
However this is counter trend trade and it might seem scary, that is why there need to be reversal signal, like double bottom on lower time frame (1h, 4h). IF and only if double bottom is formed inside yellow rectangle it is signal for BUY with profit target reaching all the way to 0.7520 and stops going below double bottom . Depending on how double bottom is formed (if at all), risk:reward ratio might be 1:4. So it is worth the risk. My only concern is that it is Friday and Monday opening can have some gap between bars. Also double bottom might form on Monday, which would be even better signal.
There are quite a few pin bars in this month of July with price trying to go up but have gone further down to 0.7260. So, the double bottom surely needs to be there for AU to go up.
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