geckotrade

Potential Reversal and Head and Shoulders

Long
FOREXCOM:AUDUSD   Australian Dollar / U.S. Dollar
Big moves for this pair last week. Price has found support on a weekly level of structure, and I anticipate a reversal back up after some consolidation. We have a potential Head and Shoulders pattern forming on the hourly chart, so I'll be looking for a break above the right shoulder and a pullback to structure to buy. Targets will be at our previous highs. I'll be waiting for a break of structure for further trades.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.