LouFX

AUDUSD - Potential H&S

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
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1
Key:
Black horizontal line - Weekly support/resistance
Blue horizontal line - Daily support/resistance
Green horizontal line - Hourly support/resistance


As you can see, on the AUDUSD 4 hour chart, a potential head and shoulders is forming. With the left shoulder and the head complete, we've had our retest for our right shoulder. The reck trendline marks out our "neck" of the pattern. We have a swing high into an hourly supply zone / order block. If we can break the 0.76444 light support and resistance level, start to target our neck line.