AUD/USD: a selling opportunity

AUD/USD: a selling opportunity

Recommendation

SELL 0.7520

SL 0.7575

TP1 0.7425, TP2 0.7400.

On the daily AUD/USD chart, bears managed to hold resistance at 0.7612 and make the quotes go beyond the uptrend channel. The break of support at 0.7525 will strengthen the risks of decline towards 0.7450 and the upper border of the previous descending channel.

aud1.png

On H1, AUD/USD tested support in the 0.7570-0.7575 area with the following retest. The pair returned to the previous trading range of 0.7520-0.7570. If the pair leaves this range, it will trigger the “Shark” pattern with targets at 0.7425 (78.6%) and 0.74 (88.6%).

aud2.png

aud

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