Bears and bulls will fight for AUD/USD

Bears and bulls will fight for AUD/USD

2019-11-11 • Updated

Recommendation:

BUY 0.7215

SL 0.7160

TP1 0.7315 TP2 0.7415 TP3 0.748

On the daily chart, bulls tried to play back the fact that AUD/USD reached 200% target of AB=CD. Their attempt to develop a correction after a pullback form the convergence area led to failure at the resistance of 0.7215. Bears seized the initiative. To continue the decline, the need to pull the Aussie below supports at 0.7105 and 0.6975.

AUDUSD daily.png  

On H1, only another test of resistance at 0.7215 will allow bull to return the initiative and resume the rally towards the target of “Wolfe waves” pattern.

AUDUSD h1.png

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