The decision of the Australian central bank pressed the aussie down. How to trade it now?
AUD/USD: fighting continues
2019-11-11 • Updated
SELL 0.795 SL 0.8005 TP1 0.7875 TP2 0.782
BUY 0.8055 SL 0.8 TP1 0.8155 TP2 0.824
On the daily chart, AUD/USD triggered Gartley pattern with a target at 78.6%. The necessary condition for its formation is the decline of the pair below support at 0.7937. On the other hand, if bulls manage to return the pair inside the bullish trend channel, a rally towards 161.8% of the AB=CD pattern will continue.
On H1, AUD/USD is forming a “Widening wedge” pattern. The decline of the pair below 0.7950 will be a signal for correction. Buying is possible from 78.6% and 88.6% of the wave 4-5.
The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
The stock market has reversed, and now it’s going lower and lower…