UPDATE: The bullish Cypher I had posted about earlier has now been completed. Can take trades now. I am long from the D point at 0.76080. Targets are on the chart.
UPDATE #2: NFP caused prices to dip a little bit more into the PRZ but did not take out this trade. Now looking to reach Target #1 today. Will update again if/when it does.
UPDATE #3: This cypher almost reached the target 1 point before plunging down on bad Aussie news release. It has broken the PRZ and closed below the original X point. Though just barely, still it did and that invalidates this Cypher pattern. Oh, well. It happens!
See my "Related Ideas".
***NOTE*** AUDUSD has high inverse correlation with USDCAD. USDCAD right now is in EXTREME oversold condition and I expect some kind of reversal (be it temporary or long-term) soon.
UPDATE: NFP caused prices to dip a little bit more into the PRZ but did not take out this trade. Now looking to reach Target #1 today. Will update again if/when it does.