AUDUSD reached its support level, with a rejection candle and a Bullish Butterfly at 4 hour chart formed.
With the falling trendline and falling channel, the reversal trade are targeted at 0.7265, 0.7305 (61.8% retracement) and 0.7355.
Any moment we expect the price to form the bullish butterfly. It has the exact numbers, so if everything is right we should enter long with relatively high lot size. Good potintial profit for small risk. Worth it!
In the long run Gold potentially to set Bullish Butterfly Pattern, if the pattern is finished with the length of CD between 1.61 - 2.24 fibonacci retracement of BC' (Potential Reversal Zone, between $ 819/oz to $ 972/oz) then there is an opportunity for gold price to reverse the trend, the pattern will fail if the price move back above point A ($ 1375/oz)
Looking at a potential bullish butterfly about to execute... we will see though...price is lining up with prior support from July, price / time appear close to symmetrical, and all the higher time frames appear to be oversold according to the stochastic indicator..will update if trade is executed.
A nice Bullish butterfly has formed on an important weekly support level.
OBV divergent, RSI in potential bounce zone.
I like this trade from a strictly TA standpoint, however the mostly bearish sentiment regarding Teresa May and her Brexit struggles has me waiting on the sidelines until reversal from PRZ or fundamental news that confirms a more bearish Aussie...
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On AUDUSD 4hr chart a bullish butterfly has formed. The D leg has completed forming. This is a good PRZ zone to take long positions. Look for bullish evidence before buying. Use proper money management, all the best mates.