The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
AUD/USD is tired of a cage
2019-11-11 • Updated
Recommendations:
SELL 0.7895 SL 0.795 TP 0.7795
BUY 0.7985 SL 0.793 TP1 0.8055 TP2 0.8095 TP3 0.8185
On the daily chart of AUD/USD, bulls didn’t manage to overcome an important resistance level of 0.7985. As a result, the pair consolidated in the 0.7895-0.7985 area. When the pair gets out of this range, this will determine the further fate of the Aussie.
On H1, a break of support at 0.7895 will trigger the “Shark” pattern with a target at 88.6%. On the other hand, successful test of resistance at 0.7985 will increase the risks of a rally. Don’t exclude the possibility of a “Widening wedge”.
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