AUD/USD: bears are playing games

AUD/USD: bears are playing games

Recommendations:

SELL 0.7475 SL 0.753 TP1 0.7375 TP2 0.736 TP3 0.7255

SELL 0.7515 SL 0.757 TP1 0.7415 TP2 0.736 TP3 TP3 0.7255

On the daily chart, AUD/USD is forming 5-0 and AB=CD patterns. After reaching an interim target at 127.2% of the latter, there was a natural pullback. Bears keep hoping to reach 161.8% target.

AUD1.png 

On H1, AUD/USD finished a “Widening wedge” as it formed the point 5. Pullbacks towards 23.6%, 38.2% and 50% of the wave 4-5 are usually used for selling.

AUD2.png

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