AUD/USD: bears are resuming the trend

AUD/USD: bears are resuming the trend

Recommendation:

SELL 0.7515

SL 0.7570

TP1 0.7460

TP2 0.743 TP3 0.7415

On the daily chart, after reaching 88.6% target of the “Shark”, it’s transforming into 5-0. A pullback from 23.6% of the wave CD allowed to form short positions. To resume the downtrend, bears need to bring the pair to support at 0.7445 and 0.7410.

AUD1.png 

On H1 of AUD/USD, sellers are testing the lower border of the uptrend channel. If they succeed, the pair will trigger the “Bat” pattern with a target at 88.6%.

AUD2.png

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Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

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