The decision of the Australian central bank pressed the aussie down. How to trade it now?
AUD/USD: will Aussie catch a crab?
2019-11-11 • Updated
On the daily chart, bears managed to reach 78.6% target of the Gartley pattern. If the current support at 0.7540 doesn's stop them, Gartley will transform into Crab pattern will increase the risks of decline towards 0.7315. The necessary condition for this scenario is a successful test of resistance at 0.7515.
On H1 AUD/USD is trading within a downtrend channel. Bears retain control for the pair. The best strategy is to sell Australian currency on its advance to 0.7595.
Recommendation: SELL 0,7595 SL 0,765 TP1 0,75 TP2 0,7315.
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