AUDCAD - Bearish Bat on Daily Chart

• Price is in PRZ, pattern is completing soon
  
• PRZ is at good resistance level based on daily chart
  
• RSI is about to hit overbought level
  
• R:R at 1.2 (TP1) and 2.2 (TP2)
  

I will update when pattern completes.
Might use H4 chart for entry.

Comment:

- Price has hit PRZ, pattern has completed
- H4 Chart showing bearish divergence
- Traders may choose to enter now or at the next 4-hour candle

Comment:

Trade should be in at least 40 pips profit now, depending on price entered.

Comment:

It's the start of a new week, trade should be running at about 80+ pips profits at the moment, depending on price entered. Traders may choose to shift SL to breakeven or even shift SL to a 50 pip profit if you do not have time to manage.

Comment:

Trade should be running at about 165pips now, reaching TP1.

Comment:

TP1 is already hit, a bullish bat pattern is spotted and about to complete on H4 chart.
RSI is at oversold level, R:R at 1.5 and 2.5.
Do keep in view.

Comment:

As new patterns form, traders might close the bearish bat position at TP1 and get ready to trade this bullish bat.

Comment:

At the same time, a butterfly pattern is also spotted and has just completed.
RSI is also at oversold level, R:R at 2.4 and 4.2, better than the bullish bat.
DO observe the next few candles to see which pattern reacts more.