AUD/USD: bears send Aussie to the bottom

AUD/USD: bears send Aussie to the bottom

Recommendation:

SELL 0.7240

SL 0.7295

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.

AUDUSD daily.png 

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.

AUDUSD h1.png

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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