AUD/USD: bears are stronger
Read the article on FBS website
Recommendations:
SELL 0.7485
SL 0.754
TP1 0.7385 TP2 0.736 TP3 0.7245
On the daily chart of AUD/USD, the pair couldn’t stick above the upper boundary of the downward channel that signals a bulls’ weakness. Bears are ready to implement the AB=CD pattern. Its 161.8% target is near 0.7245.
On H1, the “Broadening wedge” pattern was implemented and the pair reached the 127.2% target of the “Shark” pattern. It increases risks of the pullback to 23.6%, 38.2% and 50% of the 4-5 wave. A correction should be used to sell.
