As you can see in the chart, Friday's Pinbar candle was created once $AUDUSD touched the 0.71 support zone and the SMAs meeting point near. That kind of price reaction is a bullish signal especially if you consider the recent low as a higher low (from January's low).
Three harmonic scenarios to monitor on $AUDUSD:
1. Bearish – For those who consider the recent price action as hesitant and weak – Aggressive C* sell in what
could be C point of bullish Gartley pattern (pink)
2. Bullish – Aggressive C entry (bullish) in what could be C point in an AB=CD pattern that will complete near
0.74 (top of weekly trading range and target zone for this setup)
3. Bullish – Buying Aussie near 0.69 if it will complete the bullish Gartley pattern.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
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Three harmonic scenarios to monitor on $AUDUSD:
1. Bearish – For those who consider the recent price action as hesitant and weak – Aggressive C* sell in what
could be C point of bullish Gartley pattern (pink)
2. Bullish – Aggressive C entry (bullish) in what could be C point in an AB=CD pattern that will complete near
0.74 (top of weekly trading range and target zone for this setup)
3. Bullish – Buying Aussie near 0.69 if it will complete the bullish Gartley pattern.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week goo.gl/KeeygH
To subscribe to the newsletters - goo.gl/HXjCPV
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
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ab=cd pattern completed
Price declined towards potential two harmonic pattern completion zones
See chart below