Looking at the Daily chart of the AUDUSD pair, we noticed the formation of a Cypher pattern to be completed at 0.76409 price level. Take Profits are set to 0.382 and 0.618 of the CD leg and Stop Losses above X-point level.
I will be waiting to see a confirmation of the down move by looking at indicators as well as candle and/or previous structure formations.
Note that RSI already shows overbought conditions and a small divergence, so it seems wise to look for clues at lower time frames also (H4).
Lets see how this will play out.
All comments and feedback are highly appreciated.
I will be waiting to see a confirmation of the down move by looking at indicators as well as candle and/or previous structure formations.
Note that RSI already shows overbought conditions and a small divergence, so it seems wise to look for clues at lower time frames also (H4).
Lets see how this will play out.
All comments and feedback are highly appreciated.
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