The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month.
AUD/USD: 2 possibilities
BUY 0.7715 SL 0.766 TP1 0.7815 TP2 0.789 TP3 0.7985
SELL 0.7635 SL 0.7690 TP1 0.7570 TP2 0.7535 TP3 0.7500
On the daily chart, AUD/USD pulled back after reaching 127.2% target of AB=CD. The pair formed a pin bar. If it’s fulfillment is followed by the successful test of support at 0.7635-0.7640 will increase the risks of decline.
On H1, AUD/USD formed “Wolfe waves” pattern. To trigger it, bulls need to overcome resistance at 0.7707-0.7715. On the other hand, decline to March low will open the way down.
USD/SGD has rebounded from the 50-week MA (1.3520) and is now retracing November-January decline.
If this week the Aussie closes in the negative area, it will continue towards the lower levels in line with the long-term downtrend.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...