Recommendation:
BUY 0.7230
SL 0.7175
TP1 0.7325 TP2 0.7425 TP3 0.7460
On the daily chart, AUD/USD stayed above the support at 0.7105 (78.6% of the long-term rising wave). This points at the weakness of the sellers. A break of 0.7215 and readiness of the bulls to push above the diagonal resistance in the form of the upper border of the downtrend channel increases the odds of a “Shark” pattern with a target at 88.6%.
On H1, AUD/USD keeps forming the “Head and Shoulders” and the “Wolfe waves” patterns. A pullback from supports at 0.7230 and 0.7215 may be used for buying.
