How to trade AUD/USD?

How to trade AUD/USD?

2019-11-11 • Updated


BUY 0.7280

SL 0.7225

TP1 0.738 TP2 0.745 TP3 0.748

On the daily chart, AUD/USD failed to rise above the upper border of the downtrend channel. Never the less, bulls are willing to repeat their attempt. If they succeed and the Aussie gets above resistance at 0.7280, the pair will form an inverted “Head and shoulders” pattern and focus at 88.6% of the “Shark” pattern.

AUDUSD daily.png  

On H1, AUD/USD is retesting the neckline of the inverted “Head and shoulders” pattern. A pullback from this level and return to resistance at 0.7280 will increase the odds of it going to targets of “Wolfe waves” and AB=CD.

AUDUSD h1.png  


Can a recession be avoided? 
Can a recession be avoided? 

The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession. 

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British pound breakout soon?

Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).

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