AUD/USD is breaking wedges

AUD/USD is breaking wedges

Recommendation:

SELL 0.7320 SL 0.7375 TP1 0.7265 TP2 0.722 TP3 0.7120

BUY 0.7470 SL 0.7415 TP1 0.7540 TP2 0.7640 TP3 0.776

On the daily chart of AUD/USD, the attempt of bulls to trigger a “Bat” pattern and lead the pair out of the downtrend channel failed. Bulls seized the initiative and will try to take a cue from the triangle and trigger the AB=CD pattern.

AUD1.png 

On H1 of AUD/USD, bears want to finish formation of a violet “Broadening wedge” pattern and resume the downtrend. Bulls, on the other hand, are still hoping to form the red “Broadening wedge”.

AUD2.png

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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