This morning, the AUD trade balance was released below consensus. Expected at a surplus of 550M; however, the release came out at a shortage of -628M.
Here we have a bearish bat on the Aussie-Yen. Price is well overbought, so I will be keeping an eye on the 4 hour and daily chart candles for sign of a reversal. Price has broke the weekly trend line completely and began to consolidate- perfect conditions for harmonic patterns. I'm also looking at the NZD-CAD. The AUD-CAD will also be a good pair to analyse for a short position.
Bat Ratios
X:B = 0.38-0.5
A:C = 0.382-0.886
B:D = 1.618-2.618
X:D = 88.6%
Here we have a bearish bat on the Aussie-Yen. Price is well overbought, so I will be keeping an eye on the 4 hour and daily chart candles for sign of a reversal. Price has broke the weekly trend line completely and began to consolidate- perfect conditions for harmonic patterns. I'm also looking at the NZD-CAD. The AUD-CAD will also be a good pair to analyse for a short position.
Bat Ratios
X:B = 0.38-0.5
A:C = 0.382-0.886
B:D = 1.618-2.618
X:D = 88.6%
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