GBPAUD - Potential bullish bat pattern

FX:GBPAUD   British Pound / Australian Dollar
576 23 13
This pair is signing lower highs lower lows and broke below the B-point of the potential bat pattern . We already saw a spike into the potential reversal zone (yellow) on Friday and it since failed to break above the previous high leading me to thinking that a further descent certainly is possible. The bat completes at the . 886 retracement of XA which is confluent with the 1.618 extension of AB.

This is a longer term trade (most probably a couple of days) and the Risk/Reward ratio is good. However, as X is over 100 pips away and stops need to go below that we are looking at a quite large stop loss, so make sure that you check the risk profile before you enter this trade. A potential reward of 270 pips to target 1 and 450 pips to target 2 could be yours.

Good luck and may the pips be with you !
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Nico, I think buying could be a bit early? :) lets see how it goes
True, the pair is still in a retracement of the last move up and we can be looking at a further move down till around 1.9170's. Nevertheless, a little move up into previous support resistance (yellow box) is definitely possible. I'll be looking closely at price action and if it breaks the current PRZ to the down side I am definitely not entering a long trade. If however price respects the PRZ and we see higher lows we might see the retracement I am looking for.
HiTech Nico.Muselle
hhh, the yellow box also seems to high for the time being, you see my R1 level, it just bounced off it, doesn't' look that it will go any more higher. Soon we'll find out
+1 Reply
Only time will tell :)
As predicted, we touched the yellow box and dropped back to the PRZ
HiTech Nico.Muselle
yey, nice Nico
+1 Reply
Guess I was lucky :)
IvanLabrie Nico.Muselle
Did you book some profits there Nico?
Taking out that whole advance in a swift move looks rather bearish, but I'm not too convinced with Aussie strength though...might drift sideways for a bit before Carney speaks again.
+1 Reply
Nico.Muselle IvanLabrie
I took some pips from the move upwards yes... :)
Not sure where it will go now though ... like you said, we'll have to wait and see, price at a decision level now.
IvanLabrie Nico.Muselle
Ok, good idea to unwind at that high before wait a bit and see.
I went long euraud heh, and eurnzd. Talk about crazy...
+1 Reply
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