themarketzone
Long

Bullish Butterfly with triple bottom on Aussie

FX:AUDUSD   Australian Dollar/U.S. Dollar
$AUDUSD's bearish 3 Drives pattern generated a 500 pips move and pushed $AUDUSD back to previous daily support zone – 0.69

The price completed a bullish Butterfly right on the daily support zone , creating a triple bottom with harmonics bullish combination setup.

It would be wise to wait to see the price stabilizing inside the support zone before trying to trade this potential bullish scenario. Right now we see some bounce in Aussie from the support zone .
Look for intraday or daily price reversals near 0.68-0.69 that may indicate that Aussie will head towards some correction move against the Dollar.

0.7, 0.71 and 0.715 are potential target zones.
Stop loss should be at least below 0.685 (assuming the price stays above 0.69)


This analysis is part of the Weekly Markets Analysis newsletters
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Tomer, The MarketZone
Tomar where do you think the Aussie is going to go from here?
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