As you can see in the chart, Friday's Pinbar candle was created once AUDUSD touched the 0.71 support zone and the SMAs meeting point near. That kind of price reaction is a bullish signal especially if you consider the recent low as a higher low (from January's low).
Three harmonic scenarios to monitor on AUDUSD: 1. Bearish – For those who consider the recent price action as hesitant and weak – Aggressive C* sell in what could be C point of bullish Gartley pattern (pink) 2. Bullish – Aggressive C entry (bullish) in what could be C point in an AB=CD pattern that will complete near 0.74 (top of weekly trading range and target zone for this setup) 3. Bullish – Buying Aussie near 0.69 if it will complete the bullish Gartley pattern.
Tomer, The MarketZone This analysis is part of the Weekly Markets Analysis newsletters To read more interesting technical reviews for the week goo.gl/KeeygH
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