This analysis presents a Bullish Bat Pattern forming on the AUD/CAD (Daily Timeframe), signaling a potential reversal from the D point at 0.8593. The price has reached the completion zone of the harmonic pattern, aligning with key Fibonacci levels.
Key Observations:
The pattern follows X-A-B-C-D harmonic structure, with the D-leg completing near the 88.6% Fibonacci retracement of XA.
A strong rejection from this zone could indicate a potential bullish reversal.
The entry zone is near 0.8593, where buyers may step in.
Trade Setup:
Entry: Around 0.8593 - 0.8600
Take Profit Targets:
TP1: 0.8866 (50% Fibonacci retracement of CD)
TP2: 0.8930 (61.8% Fibonacci retracement of CD)
Stop Loss: Below 0.8550, allowing room for fluctuations.
Final Thoughts:
If price action confirms a bullish rejection with strong buying pressure, this setup offers a high-reward trading opportunity. However, invalidation occurs if the price closes below 0.8550. Monitor for confirmations like bullish candlestick patterns or RSI divergence before entering.
Key Observations:
The pattern follows X-A-B-C-D harmonic structure, with the D-leg completing near the 88.6% Fibonacci retracement of XA.
A strong rejection from this zone could indicate a potential bullish reversal.
The entry zone is near 0.8593, where buyers may step in.
Trade Setup:
Entry: Around 0.8593 - 0.8600
Take Profit Targets:
TP1: 0.8866 (50% Fibonacci retracement of CD)
TP2: 0.8930 (61.8% Fibonacci retracement of CD)
Stop Loss: Below 0.8550, allowing room for fluctuations.
Final Thoughts:
If price action confirms a bullish rejection with strong buying pressure, this setup offers a high-reward trading opportunity. However, invalidation occurs if the price closes below 0.8550. Monitor for confirmations like bullish candlestick patterns or RSI divergence before entering.
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.
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.