I'm sure a few of you have been trading the current bearish trend for the Aussie dollar. I know I certainly have, I see a descending wedge on the daily which is a potential reversal sign. I would watch for a potential break anywhere along the wedge, and wait for a pull back and retest on a smaller time frame. I think this would present quite a bit of profit if...
By the end of today we should be able to confirm whether this pattern is a double top or a head and shoulders, if it is a head and shoulder we can expect a bounce around the low 8k range, before some further drops. I am currently speculating that we will get close to 3k, from what we have seen historically with the BTCUSDT pair.
If the H&S pattern is completed we can potentially see a double bottom before this overall bearish trend is completed. potential scalp around the support at 9700 range to a resistance around 10600, Before a large drop.