AUD/USD is setting a trap

AUD/USD is setting a trap

2019-11-11 • Updated

Recommendation:

SELL 0.8055

SL 0.811

TP1 0.802 TP2 0.8005

On the daily chart, bulls managed to defend support in the form of the upper border of the triangle and lower border of the uptrend medium-term channel. This increases the chance that the bullish trend will resume towards 200% target of AB=CD.

AUD1.png  

On H1, AUD/USD has many chances to reach the targets of the “Shark” pattern. When it gets to 113% target, there may be selling, however, with moderate targets. When the pair reaches these targets, bulls will likely regain the initiative.  

AUD2.png  

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