AUD/USD fell from the ledge

AUD/USD fell from the ledge

Recommendations:

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

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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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