akhostov
Long

Bullish Cypher Pattern on GBPAUD

FX:GBPAUD   British Pound/Australian Dollar
22 0 0
Possible Bullish Cypher Pattern is forming with a completion at 1.85023

Currently, prices are at the 1.414 XA extension which also satisfies an AB=CD pattern. Furthermore, the 1.8959 level is also structural resistance (red dashed horizontal line). This gives the impression that we will see a drop in the GBP/AUD             down, hopefully, to the 0.786 retracement level at 1.85023.

Although, it should be pointed out that the currency may find support at 1.85273 (red line). The PRZ for this trade is highlighted in purple and takes the support level into account.

Possible targets are shown as red arrows which correspond to red dashed lines that I consider to be structural areas.

Trade wisely, Trade responsibly.
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