Bears and bulls will fight for AUD/USD

Bears and bulls will fight for AUD/USD


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


XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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