themarketzone

Couple of bullish patterns towards rate

FX:AUDUSD   Australian Dollar/U.S. Dollar
$AUDUSD suffered a 3700 pip decline from its 2010 peak and it seems like the end is near.
Why am I saying it?
Two reasons:
First - 0.7 Is 200 pips away and its the 78.6 Fib and also a major monthly support zone .
Second - The bullish setup shown in this chart:

AB=CD pattern, Fibs extensions confluence zone and daily Outside bars can play out to be a nice bullish setup for a short term/mid-term pullback move of about 200-400 pips.

With stop loss below 0.716 you get all the patterns covered but there are other ways to play it if you are a short term trader and not a swing trader.

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Great reversal from my entry zone -
snapshot

Heading towards 0.75 now that it crossed above 0.73.
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