Greatest sell-off of Australian Dollar
The decision of the Australian central bank pressed the aussie down. How to trade it now?
AUD/USD: the aussie can rise
2019-11-11 • Updated
Recommendation:
BUY 0.726 SL 0.7205 TP1 0.736 TP2 0.7435 TP3 0.748, BUY 0.7215 SL 0.716 TP1 0.7315 TP2 0.736 TP3 0.7435
On a daily chart of AUD/USD, 88.6% and 113% targets of the “Shark” pattern were reached. This situation increases the risks of the reversal towards 23.6%, 38.2% and 50% from the CD wave as the “Shark” transforms into 5-0.
On H1, the reversal towards 38.2% from the old CD wave after reaching 88.6% target helped to form a long position. History repeats itself. The reversals towards 23.6% and 38.2% from the new CD wave make it possible to gain long position again.
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