Currency analyst

AUD/USD needs a new driver

On the daily chart AUD/USD is trading in 0.7610-0.7700 area (23.6% Fibo of the last long-term bullish wave/мhigh of the second part of September). When the pair leaves this range, medium-term prospects of Australian currency will become clearer.

On H1 the break of support at 0.7609 will make the pair form a reversal "Head and Shoulders" pattern. If the pair falls below 0.7586, AB=CD pattern will be activated. It's 161.8% target lies near 0.7525. On the othe hand, increase beyond 78.6% of the last descending wave (0.767) will strengthen the case for resumption of the bullish trend.

Recommendation: SELL 0.7609 SL 0.7664 TP1 0.7525 TP2 0.751 BUY 0.767 TP 0.7615 TP 0.78.


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