EURAUD - LONG
Updated
Technically this looks almost perfect. There seems to be 2 crab haronic patterns where both D points extend to the same place. Structure at 1.584 should hold but will wait for confirmation in price action. looking left there was a little noise at this area previously. on the daily price is ranging, no real trend to identify. Also have an ABCD pattern completion so looking at the chart alone without indicators the PRZ zone should be respected. RSI on the hourly and 4 hourly is oversold. MACD showing divergence on both hourly and 4 hourly.
Money flow indicators MF and CMF. MF showing over sold on 4hourly, CMF no real indication as yet. However both showing over sold on hourly charts. AS we are in a range i expect price to respect that range and make its way to the top of the range but only if the bulls get on board with this. As stated above, will wait for price action confirmation before entering a long position. Last confluence from an indicator standpoint is the FBB, Fibonacci bollinger bands. these are showing over stretched by 100% on hourly and 61,8% on 4 hourly which again is a powerful indicator of price reversing.
Money flow indicators MF and CMF. MF showing over sold on 4hourly, CMF no real indication as yet. However both showing over sold on hourly charts. AS we are in a range i expect price to respect that range and make its way to the top of the range but only if the bulls get on board with this. As stated above, will wait for price action confirmation before entering a long position. Last confluence from an indicator standpoint is the FBB, Fibonacci bollinger bands. these are showing over stretched by 100% on hourly and 61,8% on 4 hourly which again is a powerful indicator of price reversing.
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Apologies it is a crab and a butterfly pattern. However there is a bigger BAT pattern that has completed. On the daily you could say a deep crab pattern has now formed.
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