As the bears begin to push the Aussie down, we notice the likes of a bullish bat pattern forming. A clear impulse leg (X-A) bouncing off .7962's, is immediately followed by a 60% retracement of the (A-B) leg. The (B-C) leg then retraces 79% of the (A-B) leg and is fended off at .7943's. Currently we are watching price proceed down and are eyeing the potential completion of our (C-D) leg's 88.6% retracement around the .72850 price range, which coincides with previous notable structure.
Comment:
Price has pushed up extending our (B-C) to .7950s. Bat pattern idea is still valid as long as (X-A) leg completion at .7962's isn't violated. Will continue to monitor.