It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
AUD/USD: bears are playing games
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.
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.
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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