AUDUSD - 1 HR - STRUCTURE RETEST WITH POTENTIAL HEAD & SHOULDERS

Recently the AUDUSD created a nice rising channel into a previous level of structure resistance allowing us to see some relief throughout the week. This created a pullback into a previous structure high which leaves us where we currently stand... stuck in between support & resistance. This is important to understand because it dictates what type of trading opportunity we're looking for & as you've probably heard me mention before, one of the BIGGEST FLAWS that I see with struggling traders isn't their ability to find good trade setups rather their inability to pick good profit target locations.

Anyway...as we retest our previous level of resistance now turned support, the AUDUSD is creating a classic reversal pattern in the form of a Head & Shoulders Bottom. What's unique about this particular scenario is that because the 2nd test of the neckline closes above the 1st test, we can actually look to be more aggressive & look for reasons to buy at the right shoulder instead of waiting for the violation of the neckline which is what would typically confirm the pattern.

That was a lot, but if you have any questions please leave them below & I'll be sure to answer. Also, if you simply want to share your opinion or your view on this pair, that would be excellent as well.

Hope you guys enjoy the rest of your weekend. Go Flyers!

Your Trading Coach - Akil