AUD/USD: bulls got comfortable

AUD/USD: bulls got comfortable

2019-11-11 • Updated

Recommendation:

BUY 0.7715

SL 0.7660

TP1 0.7850 TP2 0.8025.

On the daily chart, AUD/USD keeps moving up to 161.8% target of the inverted “Crab” pattern. The nearest support levels are close to 0.7750 (historical level) and 0.7715 (previous high). As long as the pair is trading above the convergence area of 0.7715-0.7750, bulls will remain in control.

AUD1.png

On H1, there are “Three Indians” and “Spike and ledge” patterns. The decline below the line of “Three Indians” will increase the risks of correction towards 0.7715/0.7725.

AUD2.png

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