Record expansion in Australlia continues after data showed that australian economy grew by 0,3% the first quarter.Meanwhile AUD/USD is trading at 0,7550. Although it's rally,we can see that the australian dollar is ready for a ''digestive'' pull back after that rally forming a bearish advance pattern and goinh towards a resistance area. As we see at the chart we have two formations,an inverse head and shoulders and a bearish Butterfly pattern. The inverse head and shoulders pattern(red lines) is about to be broken as price is fighting it's neck line,if not we have a continuation of the downtrend. If price break the neck line then we are watching for the 1.27% Fibonacci Extension of XA leg of the bearish butterfly pattern and previous resistances to take a short trade. Short trade is favoring as the 200EMA is slightly bearish. We can also notice the downward red trendline which is broken and it propably going to act as a support in an upcoming pullback as it coincides with the 61.8% Fibonacci retracement of CD leg of the advanced pattern formation. Stochastics are in overbought area.
POSSIBLE SHORT TRADE: FIRST TARGET T1 AT 0,7520 WITH 2.5 P/L SECOND TARGET AT 0,7460 WITH 4.5 P/L BUY STOP AT 0,7650
THANK YOU FOR SUPPORT! HAPPY TRADING!
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Witgh the current price action we have a bearish gartley pattern comletion at 1,27% extension of AB leg.So you can place short orders at these levels with targets 0,7500 and 0,7450 and Buy stop at 0,7580. Thanks for support..
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If you had a pending order at 0,76200 level you may filled so now lets see plenty of time to leave this bearish Butterfly pattern to evolve.
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Excellent price behaviour and already nice profit..