AUDUSD - consolidation patterns : Bullish Bat @ structure

This pair has been consolidating for pretty much the whole month of February, with a light tendency to break to the upside. Consolidation is a perfect area to look for harmonic (or should I say fibonacci) patterns and this is not an exception.

We are offered a bullish bat pattern that would complete in an area that has been proven to be support and resistance a couple of times in the recent past, hence a good area to look for a reversal.

Bat patterns usually offer quite decent RR ratios and we can see the same here :

TP1 : approx 1.5 RR for a 65 pips potential profit (stop loss 47 pips) with the entry @ 0.7089
TP2 : approx 2.2 RR for a 105 pips potential profit


Agree with this idea ? Thanks for giving me the thumbs up by clicking the like button.
Have another view, have questions, comments ? Feel free to share it below !
More ideas like this ? Click the follow button to keep updated when I publish new ideas or update already published ones.