The AUD/USD pair has formed a bullish butterfly pattern.
It is currently finding support at the price zone of 0.70800.
We expect the price to move towards the resistance points of 0.71929 and 0.72379.
a perfect bullish butterfly is formed a long trade can be initiated on 2nd green candle when it breaks above the first green candle with a stoploss of low of 1st green candle.
target based on Fibonacci
target 1: 38.2% retracement
target 2 : 61.8% retracement.
'If' the stock breaks the bullish trend line, it would not be a good sign for bulls. In that case, bears can put the butterfly in action below 132, and the stock might taste 115 and 97 in near future. A potential reversal can be expected at 92-97 zone.
Trade Safe, Be Healthy.
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Regards
Bravetotrade
Hi Friends,
Here is a bullish butterfly near to its D leg completion.
Trade levels are mentioned on chart – feel free to check it.
Note : RSI entered to oversold territory.
Trade with care,
Gulz.
