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

Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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