Bullish Bat Pound-Aussie

15 feb 2017

This pair is once again testing a level of weekly support in the formation of a bullish bat. The D point is calculated just above this level so it may push past that point to retest the area, however, a considerate stop-loss shout allow for the move to breathe. This movement is coming coherently with a Bullish Gartley on the GBP/USD pair, adding to the solidarity of the price action *find link below*. The TP levels should be set at the 38.2% retracement level, and again at the 61.8% level. The candlestick following point C presses past the 0.886 retracement level but still closes below. Some say this renders a harmonic pattern invalid, but candlestick language confirms that price has therefore been rejected from that level. Exactly what we need!

Bat Ratios

AB: 0.382-0.5
BC: 0.382-0.886
CD: 1.618-2.618
XD: 0.886