AUD/USD is catching falling knives

AUD/USD is catching falling knives

Recommendation:

BUY 0.7495

SL 0.7440

TP1 0.7606 TP2 0.765

On the daily chart, AUD/USD after reaching 88.6% target of the “Shark” and a pullback to 23.6% of the wave CD, there was a resumption of a downtrend. The Australian dollar is heading to convergence area at $0.7495-0.7500 (113target of the “Shark” + 78.6% correction level), at which there are odds of a rebound.  

AUD1.png 

On H1, an advance to 224% target of AB=CD creates an opportunity for aggressive longs. Conservative entry requires confirmation.

AUD2.png

aud

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