This would be a great entry price for investors and traders alike. Weekly charts shows that at this current level is where our 50% fibonacci retracement is found. a great entry for investors. we see some repetitive price swings (green and blue arrows) suggesting harmonic patters, this is a good swing entry point.. also note the bullish divergence present.. either...
FX:AUDUSD just broke out from its daily trend line, but in 1h chart, its showing overbought level with divergence. also it is at its PRZ for a bearish AB=CD pattern with a 1.618%AB extension.
we could see a possible pull back at the beginning of the weak, and change our position once with reach our buy zone.
risk reward wise 1:2 for initial tp and at least 1:4 to...
we see 2 possible pattern with 2 scenarios.. if and then process..
a smaller bearish Gartley if th breaks the 2.2930 level, or a bigger bullish gartley if it broke down the 2.2650 level, or we may see both happen one after the other.. ^_^
Possibe Gartley/Bat with a 3 Drive Pattern.
in this pattern formation we see 2 patterns at the same time, either u took the gartley with a 61.8% retracement as B point or the bat with a 50% retracement as its B point.
for me, im more comfortable trading the bat pattern for it will give me lesser risk and more reward, though structure wise, we see a lot of...
GBPNZD pulled back at 38.2% Fibonacci retracement. we see a break in down trend bias with some bullish divergence hopefully to enter on retracement. we may see this reverse or just consolidate, either way a good trade to go LONG.
A potential Bullish Gartley is emerging @ 61.8%XA and 1.27BC projection, with a PRZ @ 0.92950-0.93230.
RSI and Stochastic at the moment are still not oversold, still got some downside and may just reach our PRZ.
stop loss just few pips below the X point.. TP at 50% and 78.6% AD retracement, move stops to breakeven when price move to 38.2% retracement.