Dear Traders,
The AUDUSD uptrend that began last November looks tired.
I wrote about the possibility of a head and shoulders pattern, and my stance on that hasn’t changed.
However, like any topping pattern, we need confirmation.
For the AUDUSD, that means a daily close below the 0.7650 region.
That would confirm the bearish reversal pattern and expose 0.7500.
The measured objective of the pattern (if confirmed) is just below 0.7300.
Alternatively, a move above last week’s high at 0.7850 would negate the bearish outlook.
Disclosure: I hold an AUDUSD short position.
If you like this idea/analysis, kindly press the Follow & Like button and support us.
The AUDUSD uptrend that began last November looks tired.
I wrote about the possibility of a head and shoulders pattern, and my stance on that hasn’t changed.
However, like any topping pattern, we need confirmation.
For the AUDUSD, that means a daily close below the 0.7650 region.
That would confirm the bearish reversal pattern and expose 0.7500.
The measured objective of the pattern (if confirmed) is just below 0.7300.
Alternatively, a move above last week’s high at 0.7850 would negate the bearish outlook.
Disclosure: I hold an AUDUSD short position.
If you like this idea/analysis, kindly press the Follow & Like button and support us.