AUD/USD: bears got hungry

AUD/USD: bears got hungry

2019-11-11 • Updated

Recommendation:

SELL 0.762 SL 0.7675 TP 0.75

BUY 0.773 SL 0.7785 TP1 0.782 TP2 0.786

On the daily chart, AUD/USD reached 88.6% target of the “Shark” pattern. After that, there was a pullback towards 23.6% of the wave CD. The pair consolidated in the range between 0.7620-0.7735. If the pair leaves this range, risks of realization of 113% target or a correction to the medium-term bearish trend will increase.

AUD1.png  

On H1, rebound from the current levels will allow the bulls to count on the “Widening wedge” pattern. On the other hand, renewal of October low will point at the further decline.

AUD2.png

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