Last Tuesday, the Australian dollar experienced its steepest drop of the year, falling by 1.18%, following higher-than-expected US inflation figures, which boosted the US dollar. However, the Aussie has since rebounded and is now trading at a two-week high against the US dollar. Investors are...
AUD/USD is becoming stale on a ledge
2019-11-11 • Updated
TP1 0.802 TP2 0.807
On the daily chart, AUD/USD bulls are trying to resume the uptrend. For that they have to conquer resistance at 0.7960 and return the pair to the short-term rising channel. In such circumstances, advance to 200% target of AB=CD has all chances to continue.
On H1, AUD/USD keeps forming corrective pattern “Spike and ledge” on the basis of 1-2-3. A break of resistance at 0.7960 will increase the odds of reaching 88.6% and 113% targets of the Shark.
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Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.