Nico.Muselle

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.
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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