Last week most currencies weakened against the Swiss Franc, the Aussie was also one of them.
I have spotted 2 different levels where some bulls could be charging into this pair, at the smaller Bullish Butterfly (in green) and the bigger Bullish Shark (in orange)
Pattern Identification
A bigger Bullish Shark will complete at around 0.7555
There could probably be a reaction at the completion Bullish Butterfly at 0.7600.
Reason being that RSI is already at oversold zone, there can easily be a quick bounce off this Butterfly pattern
Trade Execution
If you enter at the smaller pattern, do monitor the movement closely as it might fall further to complete the bigger pattern. Consider 0.7650 as potential support turn resistance
Ideal trade will be after I see a reaction at the bigger pattern at 0.7555.
I would place stops below the round figure at 0.7488, targets can be as high as 0.7650
I have spotted 2 different levels where some bulls could be charging into this pair, at the smaller Bullish Butterfly (in green) and the bigger Bullish Shark (in orange)
Pattern Identification
A bigger Bullish Shark will complete at around 0.7555
There could probably be a reaction at the completion Bullish Butterfly at 0.7600.
Reason being that RSI is already at oversold zone, there can easily be a quick bounce off this Butterfly pattern
Trade Execution
If you enter at the smaller pattern, do monitor the movement closely as it might fall further to complete the bigger pattern. Consider 0.7650 as potential support turn resistance
Ideal trade will be after I see a reaction at the bigger pattern at 0.7555.
I would place stops below the round figure at 0.7488, targets can be as high as 0.7650