AUD/USD painted a triangle

AUD/USD painted a triangle

2019-11-11 • Updated

Recommendation:

BUY 0.7985 SL 0.793 TP1 0.8085 TP2 0.8335

SELL 0.7915 SL 0.797 TP 0.779

On the daily chart, AUD/USD formed a triangle. A break of its upper border will create conditions needed for an advance to 0.8000. On the other hand, it the pair quits bullish trend channels, risks of correction will strengthen.

AUD1.png  

On H1, there’s a “Widening wedge” pattern. The successful test of 0.7982 will allow bulls to keep moving up. On the other hand, decline to support 0.7918 will return initiative to bears.

AUD2.png

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