AUD/USD returns to an old trend

AUD/USD returns to an old trend

Recommendation:

BUY 0.7695

SL 0.764

TP1 0.7810 TP2 0.7850

On the daily chart, AUD/USD bulls managed to lead the pair outside of the downtrend channel and return it inside the long-term uptrend channel. If the pair renews December high with the following break of resistance at 0.7736-0.7752, the odds of a rally will increase.

AUD1.png 

On H1, the “shark” pattern is transforming into 5-0 and trading within a “Widening wedge”. A successful test of resistance at 0.7695-0.7700 will open the way north to 78.6% and 88.6% of the last descending wave.

AUD2.png

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