AUD/USD may rise to 0.74

AUD/USD may rise to 0.74

Recommendation:

BUY 0.7230

SL 0.7175

TP1 0.7325 TP2 0.7425 TP3 0.7460

On the daily chart, AUD/USD stayed above the support at 0.7105 (78.6% of the long-term rising wave). This points at the weakness of the sellers. A break of 0.7215 and readiness of the bulls to push above the diagonal resistance in the form of the upper border of the downtrend channel increases the odds of a “Shark” pattern with a target at 88.6%.

AUDUSD daily.png 

On H1, AUD/USD keeps forming the “Head and Shoulders” and the “Wolfe waves” patterns. A pullback from supports at 0.7230 and 0.7215 may be used for buying.

AUDUSD h1.png

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