AUD/USD: Aussie is going for a break

AUD/USD: Aussie is going for a break

2019-11-11 • Updated

Recommendation:

BUY 0.7695 SL 0.764 TP 0.7805

SELL 0.762 SL 0.7675 TP 0.75

On the daily chart, AUD/USD keeps consolidating within 0.7620-0.7735. A break of its upper border will open the way up to 0.7805-0.7820, 0.7860 and higher. On the other hand, successful test of support at 0.7620 will increase the odds of 113% target of the “Shark” pattern.

AUD1.png  

On H1, AUD/USD keeps forming “Wolfe waves” pattern. Aggressive entry implies long positions on the break of resistance at 0.7695. According to a conservative approach, one should wait for a test of diagonal resistance and (or) formation of the point 5 of the pattern “Widening wedge”.

AUD2.png

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