Harmonic patterns and Fibonacci confluence on AUDUSD
Hi traders,
this kind of analysis is unusual for me to share, but i want to show how important could be having more reasons together as confirmation of your bias.
The black line correspond to a daily support level, that could turn into resistance now that's been broken. Not only do we have structure, we also have two different harmonic pattern (equal measure move) completing right there. In addition, we can see three Fibonacci extensions lining up at the same spot.
Having all those reasons rises our confidence in this setup. With the structure's help i've outlined a zone i'm going to pay very attention to in order to find shorting opportunities in form of candlestick formations (in this timeframe and in the hourly).
I'll keep you updated.
If you have any question, please ask beneath.
Otherwise, see you in the next chart!
this kind of analysis is unusual for me to share, but i want to show how important could be having more reasons together as confirmation of your bias.
The black line correspond to a daily support level, that could turn into resistance now that's been broken. Not only do we have structure, we also have two different harmonic pattern (equal measure move) completing right there. In addition, we can see three Fibonacci extensions lining up at the same spot.
Having all those reasons rises our confidence in this setup. With the structure's help i've outlined a zone i'm going to pay very attention to in order to find shorting opportunities in form of candlestick formations (in this timeframe and in the hourly).
I'll keep you updated.
If you have any question, please ask beneath.
Otherwise, see you in the next chart!
