AUD/USD fell from the ledge

AUD/USD fell from the ledge


SELL 0.7325 SL 0.738 TP1 0.7225 TP2 0.7130

SELL 0.7350 SL 0.7405 TP1 0.7250 TP2 0.7225 TP3 0.7130

On the daily chart, bears managed to pull AUD/USD below the lower consolidation range of 0.732-0.7470 (a ledge) within the “Spike and ledge” pattern. As a result, the risks of the pair going to 113% and 200% targets of the “Double top” and AB=CD increased.

AUDUSD daily.png 

On H1, AUD/USD is forming a “Widening wedge”. Pullbacks towards 23.6%, 38.2% and 50% are usually used for selling.

AUDUSD h1.png


XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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