GBPAUD: Bullish Bat Pattern (4hr Chart)

28 ago 2015

GBPAUD has been in a bullish trend for some time (check the daily chart).

Here are the things that I see:

• Two Structural Levels around 2.15 and 2.105.
  
  
• Price action currently at the 2.15 structural level.
  
  
• Minor structure at 2.17690: Matches with a 0.5 retracement of 2.15 structure and C leg.
  
  
• Bullish Bat Pattern completing within the 2.105 structural level
  

IF/THEN:

• If price action breaks the 2.15 structure, then we could see continuation down to Bat Pattern Completion.
  
• If price action bounces off of the 2.15 structure, then we could see a retest of structure at 2.17690 for which it will be a great selling opportunity with Targets set around 2.15 and Bat pattern completion.
  
• If price action breaks the structure at 2.17690 and the A point, then we could see a continued Bullish Pattern.
  
• If price action breaks the X leg, then we could be seeing a complete trend reversal.
  

Comments, suggestions, and different ideas are welcomed.