Currency analyst

AUD/USD: bears aim for a breakthrough

On the daily chart AUD/USD the bulls almost reached the entry point mentioned in the previous article. Aussie visited convergence area of 0.7549-0.7570, failed to close above it and then returned to the lower border of the bullish trend channel. Successful test will make the pair decline to 0.7405 and 0.7302-0.7342.

On H1 AUD/USD firstly reached 161.8% target of the pink "Shark" pattern and then activated a new "Shark pattern". It's painted in green and its target is at 0.7385. It corresponds to the lower border of the descending channel and 78.6% of the last bullish wave. This scenario will come true below 0.7449.

Recommendation: SELL 0,7449 SL 0,7535 TP 0,7302

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