After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
AUD/USD is catching a butterfly
2019-11-11 • Updated
TP1 0.7435 TP2 0.7465 TP3 0.7565
On the daily chart, AUD/USD is fighting for an important level of 0.7320. It corresponds to the lower border of the previous consolidation range at 0.7320-0.7470. If bulls manage to return the pair above its middle, they will trigger “Shakeout-Fakeout” pattern. Bears are still hoping to trigger an AB=CD pattern with a target at 200%.
On H1, AUD/USD is correcting in line with the “Widening wedge”. If it triggers a “Butterfly” pattern with a target at 127.2%, the risks of a break of resistance at 78.6% and 88.6% of the wave 4-5 will increase.
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