Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
AUD/USD: bears are playing with Crab
2019-11-11 • Updated
On the AUD/USD daily chart, an intermediate 113% target in the "Crab" pattern has been fulfilled. There is a continuation of the downward movement. The targets are located near 0.7415 and 0.731. Bulls can get their own back only in case of a successful test of the resistance at 0.7525.
On the AUD/USD hourly chart, the "Widening Wedge" pattern can be formed. A necessary condition for its formation is a successful test of the 1-3 wave (0.7515). If it is tested successfully, focus on the point 5. The pullbacks from 23.6%, 38.2%, and 50% levels and from the 4-5 wave can be used for opening long positions. The nearest resistance levels can be found near 0.7555 and 0.7585.
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This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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