Mihai_Iacob

AudUsd can break support and fall to 0.65

Short
OANDA:AUDUSD   Australian Dollar / U.S. Dollar
At the beginning of the month, I draw attention to a possible H&S pattern for AudUsd and a new drop to the important 0.67 support.
The neckline was broken as expected and my target was reached.
Going further, re reversal took place and the neckline of the pattern was confirmed as resistance.
CPI data from the US reversed the gains for the pair and the daily candle engulfs the previous 2 very bullish days, giving us a very good signal that bears are strong also here (like in other USD pairs)
Yesterday is also a bearish engulfing candle formation and, in my opinion, there is a very high probability of a down break
As long as 0.69 is intact, sell rallies in search of a good R: R should be a good strategy considering 0.65 as the target.


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