AUD/USD: Aussie called a shark

AUD/USD: Aussie called a shark

Recommendation:

BUY 0.7685

SL 0.7630

TP 0.7775

On the daily chart, AUD/USD reached convergence area of 0.7607-0.7732 (88.6% and 161.8% targets of the “Shark” and “Crab” patterns + 61.8% of the long-term descending wave). This together with the formation of a pin bar will increase the risks of a pullback.

AUD1.png 

On H1, AUD/USD is forming the inverted “Spike and reversal with acceleration”. As long as the Australian dollar is trading above 0.7810, the situation will be controlled by bears. Triggering of the “Shark” pattern will increase the risks of a pullback to 88.6%.

AUD2.png

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