Bullish Ichimoku Cloud with rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen; but the market is overbought and under the strong resistance of 0.8000.
AUD/USD: Aussie prepares for transformation
On the AUD/USD daily chart, there was a rollback after target 88.6% of the Bat pattern had been hit. The Bear’s failure to test the support at 0.7635 tells us about their weakness. Update of the June high may lead to the transformation of the Bat pattern into the Crab pattern. The targets of the latter pattern are located above the 0.8 level.
On the AUD/USD hourly chart, the exit of quotes beyond the limits of the downward short-term channel followed by the test of the resistance at 0.7695 will increase the risks of the activation and realization of the AB=CD pattern.
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
Recommendations: SELL 1…
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