After bouncing off the previous Major trendline last month, Bitcoin seems to be retesting the support area again in hopes of catching a bullish momentum.
AUD/USD: bears send Aussie to the bottom
2019-11-11 • Updated
TP 0.7140 TP2 0.7105 TP3 0.6975
On the daily chart, the inability of bulls to stay in the previous consolidation range of 0.7320-0.7470 pointed at their weakness. Bears seized the initiative. As a result, the Australian dollar approached 200% target of AB=CD.
On H1, the nearness of the convergence area in the form of 127.2% targets of the “Butterfly” and AB=CD increases the risks of a pullback. It’s better to sell on the pullback from resistance at 0.7240.
After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
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