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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On the daily chart, bears tried to form “Three Indians”, 1-2-3 and “Bat” with 88.6% target but failed to bring USD/CAD to an important support at 1.2925.

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