AUD/NZD: is it time for a correction?
AUD/NZD experienced an impressive rally since the end of March.
GBP/USD: bulls showed weakness
Recommendation:
SELL 1.3520
SL 1.3575
TP1 1.342 TP2 1.332
On the daily chart, the inability of bulls to get above resistance at 1.3520 and 1.3585 points at their weakness. As long as GBP/USD is trading below 1.3605, risks of consolidation are rising. If this level is breached, the possibility of the uptrend’s resumption will go up.
On H1, one may use rebound strategies. If the pair reaches 88.6% target of the “Bat” with the following recoil of the descending channel’s upper border, this will trigger “Three Indians” pattern and be a signal for selling.
Ivan Karamazov
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