Long AUDUSD: Wolfe, Bat, Trendline, Butterfly & Unhit Pivots

AUDUSD is nearing the PRZ of a cluster of bullish patterns. A large bullish bat contains a bullish butterfly in its D leg. In the PRZ of these two patterns, a bullish Wolfe wave setup has been completed. A D1 trendline sits at the base of the PRZ and may act as support when price reaches this area. To add to the bullish bias, two unhit pivots sit above price. SL is set below X of the large bat pattern. Targets are placed at the 382 and .618 retracements of the bat CD leg.

Confluence in the PRZ

• Bullish bat pattern completion
  
• 2.24BC projection
  
• 2AB=CD
  
• Bullish butterfly pattern completion
  
• 3.382BC projection
  
• 1.5AB=CD
  
• Bullish Wolfe Wave setup
  
• Strong D1 trendline support
  
• Unhit daily and weekly pivots above price
  

D1 Trendline Support:

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Kommentar:

**Price has entered the potential reversal zone