AUD/NZD - Bullish Bat
Updated
What's up everyone, here we have AUD/NZD with a bullish bat pattern on the 4h chart.
Excellent opportunity with over 1:3 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50 (price closed below the 50% but I would still consider the structure valid)
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
The D point aligns with the daily trendline which has proven to be a key pivot point in the market, I'm expecting price to stall out upon completion.
I hope you all have a great week!
Excellent opportunity with over 1:3 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50 (price closed below the 50% but I would still consider the structure valid)
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
The D point aligns with the daily trendline which has proven to be a key pivot point in the market, I'm expecting price to stall out upon completion.
I hope you all have a great week!
Note
Nice reversal upon completing the D leg.I'd just like to make you all aware that the AUD rate statement is tomorrow.
Trade closed: target reached
Another one... I've got more analysis on the way, I'm short on NZD/JPY.
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