Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
AUD/USD: more downside?
2019-11-11 • Updated
SELL 0.6950; TP 0.6905; SL 0.6970
AUD/USD has been declining since July 19. The most recent development was that it closed below the 50-day MA at 0.6958 and the line connecting June and July lows. This leads us to believe that the Aussie is capable of further downside. The price action may be in line with the harmonic “Shark” pattern - this still leaves the room for the decline to the 0.6910/0.6895 area before the bullish reversal takes place.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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