Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
AUD/USD: trading opportunuties
2019-11-11 • Updated
SELL 0.7255 SL 0.731 TP1 0.7155 TP2 0.7130 TP3 0.7100
BUY 0.7410 SL 0.7355 TP1 0.7470 TP2 0.7510 TP3 0.7600
On the daily chart, AUD/USD pulled back after reaching 113% target of the “Double top”. Bulls are trying to return the pair to the 0.732-0.7470 consolidation range. A break to its middle will trigger a “Shakeout-Fakout” pattern.
On H1, AUD/USD keeps forming a “Broadening wedge”. Return of the pair to support at 0.7255 will increase the risks of downtrend’s resumption. On the other hand, a successful test of resistance at 0.7410 will open the way up for the pair.
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