AUDUSD may be heading to resume bear trend, as price fails at the 200-days long term average, and 50 percent retracement for the whole bear trend. Forming a bearish head and shoulders reversal pattern. The price has confirmed a breakout of the pattern today below 0.9280 key support. Further downside within the context of the new bear channel is probable.
Looking to short rallies towards 0.9280. Near term conservative and Initial downside target at the 61.8 retracement of the bullish correction(0.8845-0.9757) at 0.9195 then 0.9042 and the main swing low at 0.8845.
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Looking to short rallies towards 0.9280. Near term conservative and Initial downside target at the 61.8 retracement of the bullish correction(0.8845-0.9757) at 0.9195 then 0.9042 and the main swing low at 0.8845.
twitter.com/thefxchannel
thefxchannel.com