After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area.
AUD/USD: the AUD left the downward channel
BUY 0.715 SL 0.7095 TP1 0.725 TP2 0.7275 TP3 0.7335
BUY 0.726 SL 0.7205 TP1 0.7335 TP2 0.738 TP3 0.748
On the daily chart of AUD/USD, the pair managed to leave the downward channel. To continue the upward movement to the 88.6% target of the “Shark” pattern, bulls need to break above the November high.
On H1, the pair reached targets of the “Three Indians” pattern. A rebound from the support at 0.715 or a break of the resistance at 0.726 will let bulls continue the rally to 88.6% and 113% patterns of the “Shark”.
GBP/USD retraced more than 78.6% Fibonacci of the 2019 advance. Last week was the worst for the pair since the Brexit referendum.
CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4.