akhostov
Long

GBPAUD: Bullish Bat Pattern (4hr Chart)

FX_IDC:GBPAUD   British Pound/Australian Dollar
72 1 2
GBPAUD             has been in a bullish trend for some time (check the daily chart ).

Here are the things that I see:
  • Two Structural Levels around 2.15 and 2.105.

  • Price action currently at the 2.15 structural level.

  • Minor structure at 2.17690: Matches with a 0.5 retracement of 2.15 structure and C leg.

  • Bullish Bat Pattern completing within the 2.105 structural level

IF/THEN:
  • If price action breaks the 2.15 structure, then we could see continuation down to Bat Pattern Completion.
  • If price action bounces off of the 2.15 structure, then we could see a retest of structure at 2.17690 for which it will be a great selling opportunity with Targets set around 2.15 and Bat pattern completion.
  • If price action breaks the structure at 2.17690 and the A point, then we could see a continued Bullish Pattern .
  • If price action breaks the X leg, then we could be seeing a complete trend reversal.

Comments, suggestions, and different ideas are welcomed.
We are now testing the structural level around 2.176 - 2.184.

Either it will retrace, making a Lower High with a possible continuation to Bat Pattern completion... OR it will break through structure which will result in going a continuation of the Bullish trend without the Bat pattern completing
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