EUR/AUD - Bearish Bat
Updated
Following up from my successful prediction for EUR/AUD -0.01% (chart is shown below), price has now formed a valid bearish bat pattern on the 4h chart.
The move last week resulted in a profit of almost 300 pips!
Now onto the chart in hand, this bearish bat has a potential profit of almost 600 pips... This is not a move I want to miss.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
I'll be expecting price to break the daily trendline and spike up to hit the D point around 1.46000 before stalling out.
If you want an insight on the bigger picture, take a look at my analysis on the daily chart below.
We may see a sell-off from the trendline but if a breakout occurs this bat pattern will more than likely fall into place.
Feel free to connect with me below for more trading related content :)
The move last week resulted in a profit of almost 300 pips!
Now onto the chart in hand, this bearish bat has a potential profit of almost 600 pips... This is not a move I want to miss.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
I'll be expecting price to break the daily trendline and spike up to hit the D point around 1.46000 before stalling out.
If you want an insight on the bigger picture, take a look at my analysis on the daily chart below.
We may see a sell-off from the trendline but if a breakout occurs this bat pattern will more than likely fall into place.
Feel free to connect with me below for more trading related content :)
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