Nico.Muselle
Short

AUDUSD - bearish bat completing in resistance zone

FX:AUDUSD   Australian Dollar/U.S. Dollar
913 9 19
This pair has been channeling between 0.75 and 0.79 since it broke below this last level at the end of February and I do not see any current reason why it would not continue to do so.

Price is currently sitting in the top half of this channel and I am waiting for the bat pattern to complete. A smaller potential reversal zone lies within a larger resistance zone defined by the X-point of this bat pattern , so our stop loss (as always with a bat pattern ) should exceed X in case price wants to test that level again.

The potential reversal zone was defined using the 1.618 extension of the AB-leg, the 0.886 retracement of the XA-leg and structure present.

Targets are the 0.382 and 0.618 fibonacci retracement levels of the previous move up. This would make for a 1:2 and 1:3 risk/reward ratio for TP1 and TP2 respectively.

Related Ideas

Two minds, one thought. Look what I just published!
AUDUSD: Another Bat on the Aussie Dollar
+1 Reply
Nico.Muselle MOD JasperForex
2 years ago
Excellent ... now some more confirmation of Elliot Wave or some other TA please :)
+1 Reply
SunnyBTC PRO Nico.Muselle
2 years ago
Nico. i can' get a wave 5 target until wave 4 is complete, (see possible wave 4 targets in my green buy box) once we have these i should be able to make some wave 5 projections.... but for now i would say that the 0.886 looks very possible
snapshot
+1 Reply
Nico.Muselle MOD SunnyBTC
2 years ago
Hehehe, I was joking about the EW analysis confirmation, but thanks anyway, and who knows, the upper wave 4 option looks definitely possible to me :)
Reply
SunnyBTC PRO Nico.Muselle
2 years ago
:)
Reply
HI NICO
snapshot
+1 Reply
Nico.Muselle MOD manijeh.kazemi.33
2 years ago
Hi, thanks for your idea. What you described in your chart might happen if the rate cut is postponed again by RBA and we have further bad news from the USD market. However, imho the resistance zone will be respected and we will see a reversal within that zone. As always of course, only time will tell. :)
+1 Reply
adem.dervish.7
2 years ago
hi , do u think its worth staying short long term, say to 0.74? or you think long term downtrend could be finishing?
Reply
Nico.Muselle MOD adem.dervish.7
2 years ago
That will depend on a lot of factors, I usually don't look at longer term, highest TF I look at is the daily so I'm afraid I cannot give you any advice on that :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out