Thought I'd share what I'll be looking for in the next few days. On the AUDUSD theres 2 potential advanced patterns both bearish. One a Cypher and the other a Gartley. What I like about this opportunity is that both patterns should complete around the same level (depending on what ratios you use). The previous Cypher that completed was a success and all 3 of these patterns all formed at the same X level at .74367. Check your ratios to make sure this works with your trading style and hopefully this will complete and we can take some profits. As always looking for the 1st target at .382 and the second .618. Stops should go above the X level according to how your plan. Thanks
Great trade. Would like to know your analysis on the pair for the upcoming interest rate decision..
Regards
cxocapital
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This is what I have so far as I haven't been actively trading this pair, waiting to see some more movement. Theres a broadening wedge forming to the upside as well as the daily trend that is right up against it. If PA breaks the daily trend I will be looking to go long. If it continues to bounce off the trend then short. As we know this pair has been in a downtrend for a while so who's to say wether it will continue going down or reverse. As far as the interest rate decision coming I cannot speak to much on it. Haven't seen any major movement from the previous one.
cxocapital
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And yourself, What is your outlook on this pair?
AkashGaur
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Very bullish on this pair but like you said will have to to see it break the daily trendline , news might just be catalyst for this pair
Regards
AkashGaur
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Looking to go long atleast till 0.74 on the breakout
cxocapital
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Yes .74 is definitely a reasonable price to jump up to.
jtraderfx
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This is a powerful combination, and I will look to go short if/when the patterns complete at D.
cxocapital
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Yes, if this fits your style of trading this will definitely be something to look into in the next couple days.
Regards