AUD/USD: bears send Aussie to the bottom
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Recommendation:
SELL 0.7240
SL 0.7295
TP 0.7140 TP2 0.7105 TP3 0.6975
On the daily chart, the inability of bulls to stay in the previous consolidation range of 0.7320-0.7470 pointed at their weakness. Bears seized the initiative. As a result, the Australian dollar approached 200% target of AB=CD.
On H1, the nearness of the convergence area in the form of 127.2% targets of the “Butterfly” and AB=CD increases the risks of a pullback. It’s better to sell on the pullback from resistance at 0.7240.
