AUD/USD made a stop

AUD/USD made a stop

Recommendations:

SELL 0.7920, SL 0.7985, TP 0.7820

BUY 0.7760, SL 0.7705, TP1 0.7880, TP2 0.8030, TP3 0.8200 

On the daily chart, there’s a “Spike and reversal with acceleration” pattern. The break of a trendline in the ‘spike” phase increases the risks of correction towards 0.7800. In that area, there’s a 88.6% target of a “Shark” pattern and the lower border of the bullish channel.

AUD1.png

On H1, there’s a “Shakeout-Fakeout” pattern. Return of the pair to the middle of the 0.7880-0.7965 channel will strengthen the risks of a pullback towards 113% and 161.8% targets of “Shark” and “Crab” patterns.

AUD2.png

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USD/JPY: dollar made new lows

Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the market made new lows, but there is a strong support on 111.00.

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