AUDUSD Potential Bullish Bat Pattern
As the bears begin to push the Aussie down, we notice the likes of a bullish bat pattern forming. A clear impulse leg (X-A) bouncing off .7962's, is immediately followed by a 60% retracement of the (A-B) leg. The (B-C) leg then retraces 79% of the (A-B) leg and is fended off at .7943's. Currently we are watching price proceed down and are eyeing the potential completion of our (C-D) leg's 88.6% retracement around the .72850 price range, which coincides with previous notable structure.
Note
Price has pushed up extending our (B-C) to .7950s. Bat pattern idea is still valid as long as (X-A) leg completion at .7962's isn't violated. Will continue to monitor.
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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.