Possible 26-18 setup

FX:AUDUSD   Australian Dollar / U.S. Dollar
387 4 2
Looking for a trend continuation opportunity with a possible 26-18 trade.

Just to clear my mind:
- a retracement of at least 61.8% should occur (getting resistance of the double bottom ) which would also be a harmonic move.
- targets can be based on retest of previous structure low, the 100% retracement and the 1.272 extension for a trend continuation..
- stops would go below previous lower low.
- on daily chart it is more clear to see.
I believe the 26-18 setup is with the price retracing 61.8% of previous double bottom. I've also spotted a potential bullish cypher, so i want to have tight stops.

I'm still not in a long trade. Although there was no harmonic move to the downside, there could be a extended move of the last 61.8% retracement. If that happens I will try my luck going long.

Plus Iron ore's price is $120 - the main export commodity of Australia, that will not let CCY to fall back to 0.885 for a while.
Mikoxl. niekselis
Wow interesting stuff. This could certainly backup the setup.
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