The decision of the Australian central bank pressed the aussie down. How to trade it now?
AUD/USD: bulls are gaining strength
2019-11-11 • Updated
Recommendation: BUY 0.7275 SL 0.7220 TP1 0.7375 TP2 0.7435 TP3 0.757
On a daily chart of AUD/USD, there is a consolidation due to the transformation of the “Shark” pattern into 5-0. Sellers need to pull the pair below the support at 0.7195 to continue correction to the CD wave. On the other hand, buyers plan to bring the pair within borders of the upward channel and break the resistance at 0.7270.
On H1, if the pair manages to break the resistances at 0.7275 and 0.73, the “Shark” pattern will be activated. This situation will let bulls keep moving towards its 161.8% target.
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