AUDUSD is nearing the PRZ of 3 harmonic patterns presenting us with an opportunity to trade in the direction of the trend. The base of the PRZ coincides precisely with last week's missed pivot in addition to a fib cluster from a series of structure lows to structure highs. The 500 bar SMA and EMA lines may provide added support around the reversal zone. To add to bullish bias, the new weekly pivot will be printed near the .618CD retracement and may help to pull price up toward target. Entry is placed at the base of the PRZ with target at .618CD and SL below structure lows. This trade yields a risk to reward ratio of 2.
Confluence in the PRZ:
2 Bullish Cypher Patterns
Bullish Crab Pattern
500SMA Support
500EMA Support
Underlying Bullish Trend
New weekly pivot above price
Entry confluent with missed weekly pivot
S/R Zone
Fib cluster centered in PRZ
If this long position is successful, the next level I will be focusing on is .74:
トレード稼働中
ノート
Target has been moved to 50% retracement of BC leg, as a 5-0 pattern has emerged: