Today, we are looking at a bullish bat pattern on the 4H chart with the AUD/USD.
After the interest rate increase from the FOMC, price has reached C point.
With price getting close to the strong resistance zone, we can expect a reversal back down towards D point.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
After the interest rate increase from the FOMC, price has reached C point.
With price getting close to the strong resistance zone, we can expect a reversal back down towards D point.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
