This morning, the AUD trade balance was released below consensus. Expected at a surplus of 550M; however, the release came out at a shortage of -628M.
Here we have a bearish bat on the Aussie-Yen. Price is well overbought, so I will be keeping an eye on the 4 hour and daily chart candles for sign of a reversal. Price has broke the weekly trend line completely and began to consolidate- perfect conditions for harmonic patterns. I'm also looking at the NZD-CAD. The AUD-CAD will also be a good pair to analyse for a short position.
Bat Ratios
X:B = 0.38-0.5
A:C = 0.382-0.886
B:D = 1.618-2.618
X:D = 88.6%
Here we have a bearish bat on the Aussie-Yen. Price is well overbought, so I will be keeping an eye on the 4 hour and daily chart candles for sign of a reversal. Price has broke the weekly trend line completely and began to consolidate- perfect conditions for harmonic patterns. I'm also looking at the NZD-CAD. The AUD-CAD will also be a good pair to analyse for a short position.
Bat Ratios
X:B = 0.38-0.5
A:C = 0.382-0.886
B:D = 1.618-2.618
X:D = 88.6%
Note
Here is the weekly chart, showing the current price as a key level of previous support/resistance- essentially a pivot line. Also note the recent weekly trend line which has been broken, with price re-testing the previous high.Note
The whole swing of the price action has formed a reciprocal AB=CD. A:C = 1.13:3.618
B:D = 0.382:0.886
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.