AUD/USD: bulls gave up

AUD/USD: bulls gave up

2019-11-11 • Updated

Recommendation:

SELL 0.7715 SL 0.7770 TP1 0.7615 TP2 0.7570 TP2 0.7525

SELL 0.7650 SL 0.7705 TP1 0.7550 TP2 0.7525

On the daily chart of AUD/USD, the inability of bulls to keep the pair inside the long-term uptrend channel with the following decline of the pair below the important support area of 0.7745-0.776 showed that buyers gave up. A break of support at 0.7635-0.774 will lead to the further decline to 161.8% target of AB=CD.

AUD1.png  

On H1, after AUD/USD reached 88.6% of the “Shark” pattern, the odds of s pullback to 38.2%, 50%, and 61.8% increased.

AUD2.png

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AUD/USD  is looking badly
AUD/USD is looking badly

AUD/USD began the week slightly higher reaching as high as 0.7725 before declining earlier today to 0.7690’s.

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