
The decision of the Australian central bank pressed the aussie down. How to trade it now?
2019-11-11 • Updated
Recommendation:
BUY 0.7895
SL 0.7840
TP1 0.7990 TP2 0.8050 TP3 0.8125
On the daily chart, AUD/USD is fighting for an important level – 78.6% of the wave CD of the 5-0 pattern. The necessary condition for an uptrend’s resumption is a confident advance above resistance at 0.8050. As long as the pair keeps trading above 0.7885-0.7895, bulls remain in control.
On H1, there’s a “Spike and reversal with acceleration” pattern. The pullback from the lower border of the uptrend’s channel and supports at 0.7895 and 0.7870 will allow speaking about the end of correction.
The decision of the Australian central bank pressed the aussie down. How to trade it now?
AUD/USD began the week slightly higher reaching as high as 0.7725 before declining earlier today to 0.7690’s.
AUD/USD formed an inverted "Head and Shoulders’ and is targeting 0.7815, 0.7840, and 0.7860.
What happened? US stocks ended sharply higher on Thursday, May 27, after a 7-week losing streak…
Next week, we expect the BOC rate statement, the OPEC+ meeting, and the Nonfarm payrolls release. Let's look at the opportunities in detail!
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