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.
How to trade AUD/USD?
2019-11-11 • Updated
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.
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.
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