AUD/USD: Aussie is looking for a bottom

AUD/USD: Aussie is looking for a bottom

2019-11-11 • Updated

Recommendation:

BUY 0.7200

SL 0.71450

TP1 0.7285 TP2 0.7325 TP3 0.7390

On the daily chart, AUD/USD reached an important support at 78.6% of the long-term wave and 200% target of AB=CD. The fact that the pair entered the convergence area increases the risks of a pullback to the downtrend. A break of support will open the way down to 0.6975.

AUDUSD daily.png  

On H1, AUD/USD is now able to form “Wolfe waves” pattern. To trigger it, the pair has to return to the previous consolidation range of 0.7165-0.7225 and trigger a “Shakeout-Fakeout” pattern.

AUDUSD h1.png

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