It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
AUD/USD: Aussie wants to go
SELL 0.7320 SL 0.7375 TP1 0.7220 TP2 0.7195 TP3 0.7130
BUY 0.7465 SL 0.741 TP1 0.7565 TP2 0.77 TP3 0.779
On the daily chart, AUD/USD keeps consolidating in the 0.7305-0.7485 range. A break of its lower border will increase the odds of the decline to 200% target of AB=CD. On the other hand, a successful test of resistance at 0.7485 will open the way up to the targets of “Wolfe waves” pattern.
On H1, AUD/USD is forming a “Broadening wedge”. Its triggering on the break of support at 0.7320 will allow bears to keep pushing the Australian dollar down. On the contrary, an advance above resistance at 0.7465 will open the way up for the pair.
The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.
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