AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
AUD/USD: 'V-Bottom' pushing price higher
2019-11-11 • Updated
There's a 'V-Top' pattern, so the pair is declining. Meanwhile, we've got a 'V-Bottom', which has been formed right under the Moving Averages. Previously, we had a 'Head & Shoulders' pattern, so it's likely that the market is going to achieve the previously tested resistance at 0.7163. If a pullback from this level happens next, bears will probably try to deliver a downward correction in the direction of the Moving Averages.
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