AUDUSD - going down to complete this cypher ?

FX:AUDUSD   Australian Dollar / U.S. Dollar
484 2 9
A cypher pattern is forming on AUDUSD             with a Fibonacci cluster at a previous minor support level .
The Risk/Reward ratio is not terrible with a 1.25/1 and a 2/1 for targets 1 & 2 respectively.
However, if we can manage to find an entry reason based on structure to ride down to the pattern completion (eg. break below & retest the 0.7780's) we can make much more out of this potential pattern.

See if it fits your trading plan and may the pips be with you.
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it looks like an AB=CD. Hopefully it will reach the prz
+2 Reply
You are absolutely right, thanks for pointing that out ! Adds another point to the probability that price action might reverse in this area !
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