AUD/USD: pin bar discouraged bulls

AUD/USD: pin bar discouraged bulls

2019-11-11 • Updated

Recommendations:

SELL 0.7755 SL 0.781 TP1 0.768 TP2 0.7655

BUY 0.781 SL 0.7755 TP1 0.79 TP2 0.7985

On the daily chart, AUD/USD keeps forming “Three Indians” and “Wolfe waves” pattern. Bulls managed to leas the pair outside of the medium-term downtrend and return it inside the long-term uptrend channel. At the same time, the fighting continues, and formation of a pin bar gives bears hope for a comeback.

AUD1.png  

On H1, the return of the pair to the middle of the consolidation range of 0.7740-0.7770 will allow speaking about the “Shakeout-Fakeout” pattern.

AUD2.png

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AUD/USD  is looking badly
AUD/USD is looking badly

AUD/USD began the week slightly higher reaching as high as 0.7725 before declining earlier today to 0.7690’s.

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