AUD/USD is getting ready for a break

AUD/USD is getting ready for a break

2019-11-11 • Updated

Recommendations: BUY 0.7918 SL 0.7863 TP 0.8030, SELL 0.7838 SL 0.7893 TP 0.7740 

On the daily chart, AUD/USD keeps consolidating in the range between 0.7835 and 0.7915. The break of its upper border will create an opportunity for the bullish trend resumption. On the other hand, successful test of support at 0.7835 will increase the risks of 113% target of the “Shark” pattern.

AUD1.png

On H1, AUD/USD formed a “widening wedge”. A successful test of the upper border of the rising channel with the following retest of point 5 will be a signal for long positions. On the other hand, return to point 4 and break below support will allow bears to continue their assault.

AUD2.png

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