Bullish Cypher Pattern on GBPAUD
Possible Bullish Cypher Pattern is forming with a completion at 1.85023
Currently, prices are at the 1.414 XA extension which also satisfies an AB=CD pattern. Furthermore, the 1.8959 level is also structural resistance (red dashed horizontal line). This gives the impression that we will see a drop in the GBP/AUD down, hopefully, to the 0.786 retracement level at 1.85023.
Although, it should be pointed out that the currency may find support at 1.85273 (red line). The PRZ for this trade is highlighted in purple and takes the support level into account.
Possible targets are shown as red arrows which correspond to red dashed lines that I consider to be structural areas.
Trade wisely, Trade responsibly.
Currently, prices are at the 1.414 XA extension which also satisfies an AB=CD pattern. Furthermore, the 1.8959 level is also structural resistance (red dashed horizontal line). This gives the impression that we will see a drop in the GBP/AUD down, hopefully, to the 0.786 retracement level at 1.85023.
Although, it should be pointed out that the currency may find support at 1.85273 (red line). The PRZ for this trade is highlighted in purple and takes the support level into account.
Possible targets are shown as red arrows which correspond to red dashed lines that I consider to be structural areas.
Trade wisely, Trade responsibly.