AUDUSD - bearish bat completing in resistance zone

FX:AUDUSD   Australian Dollar / U.S. Dollar
925 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.
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hi , do u think its worth staying short long term, say to 0.74? or you think long term downtrend could be finishing?
Nico.Muselle MOD adem.dervish.7
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 :)
+1 Reply
Nico.Muselle MOD manijeh.kazemi.33
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
Two minds, one thought. Look what I just published!
+1 Reply
Excellent ... now some more confirmation of Elliot Wave or some other TA please :)
+1 Reply
SunnyBTC Nico.Muselle
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
+1 Reply
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 :)
SunnyBTC Nico.Muselle
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