AUD/USD: bears send Aussie to the bottom

AUD/USD: bears send Aussie to the bottom


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


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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