AUD/USD: Aussie had a slide on the Wolfe waves

AUD/USD: Aussie had a slide on the Wolfe waves

2019-11-11 • Updated

Recommendation: BUY 0,744 SL 0,7385 TP 0,755. 

On the AUD/USD daily chart, the Bears failed to break an important support at 0.738; it was a signal of their weakness. Quotes left the medium-term downward trading channel and returned to the short-term ascending one. As a result, the risks for the realization of the Gartley pattern have increased. The target 78.6% of the Gartley pattern is located near the 0.755 mark.

On the AUD/USD hourly chart, the Wolfe Waves pattern has been formed. Its targets can be found above the 0.75 mark. You may use rebounds from important supports at 0.744 and 0.7422 as new entry points for opening long positions.

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